Oil prices fall below $54 a barrel

CNN Money: Oil prices tumbled more than 5 percent Monday, to less than $54 a barrel, the steepest drop since early April. American drivers could see lower prices still. The national average gas price could return almost to $2 a gallon later this year, said Tom Kloza, chief oil analyst at the Oil Price Information Service. The national average is currently $2.77. A nuclear deal with Iran could increase its oil exports.

U.S. stocks rebound from Greece-fueled drop

Reuters: U.S. stocks were lower in early afternoon trading, but were well off their lows earlier Monday as investors remained optimistic that a deal could be reached to prevent Greece’s exit from the eurozone. Greeks rejected the conditions of a rescue package from creditors on Sunday and the country’s finance minister resigned on Monday, removing a major obstacle to any deal. Prime Minister Alexis Tsipras agreed to present an aid proposal at an emergency eurozone meeting on Tuesday. Stock markets fell globally, but analysts said the declines were less than expected because of expectations that the European Central Bank would act to limit any damage. 

China’s economy shows gains

Reuters: China’s economy is showing positive changes as recent government measures gradually gain traction, but policymakers cannot lower their guard against headwinds crimping growth, the National Bureau of Statistics said Monday. China’s economic performance remained within a “reasonable range,” and economic growth was basically stable, said Sheng Laiyun, the bureau’s spokesman. “The improvement in main indicators is still initial, and we cannot lower our guard against the downward pressure on the economy,” Sheng said.