Oil extends decline as investors eschew risky assets on greece.

Prices may fall further as the world remains "massively oversupplied", before markets tighten in 2016 when output growth outside OPEC grinds to a halt, according to the International Energy Agency. Brent for August settlement declined 88 cents to $57.85 a barrel on the London-based ICE Futures Europe exchange. "An improvement towards a more balanced market" is likely in 2016 as consumption grows faster than supply, OPEC's Vienna-based research department said Monday in its monthly market report. [Extracted from the article]