Greece's last-minute overtures to international creditors for financial aid on Tuesday were not enough to save the country from becoming the first developed economy to default on a loan with the International Monetary Fund.
Oil futures hovered below three-week lows on Tuesday after Greeks protested against austerity following a bank shutdown.
The move moved investors away from riskier assets and put Brent crude on course for a second month of decline
US stocks added to a global selloff on Monday as Greece veered toward a default on its 1.6 billon euro ($1.7 billion) debt.
Greece will not pay a loan installment due the International Monetary Fund on Tuesday, a Greek government
Oil prices fell in early Asian trade, with US crude dropping below $59 after Greece imposed capital controls as lenders refused to extend the country's bailout.
Brent crude for August delivery was down 81 cents at $62.45 a bar
Gulf stock markets fell in early trade on Sunday after militant attacks in Kuwait and Tunisia killed a total of 66 people last week, and because of concern about the Greek debt crisis.
The main Dubai stock Index sank 1.8 per cent.
More than a third of automated teller machines across Greece ran out of cash on Saturday before they were replenished as Greeks pulled out money on fears their country was set to crash out of the euro, three banking sources said.
Oil prices were little changed in thin trade on Friday, with investors focusing on talks aimed at averting a Greek debt default.
Brent crude for August delivery was up 19 cents at $63.39 a barrel by 0334 GMT after ending the previ
The European Union welcomed new proposals from Greek Prime Minister Alexis Tsipras as a "good basis for progress" at talks on Monday where creditors want 11th-hour concessions to haul Athens back from the brink of bankruptcy.
Oil prices eased in Asian trade on Monday, falling for a second session on concerns about the outcome of an emergency eurozone meeting later in the day on the Greek debt crisis and worries about oversupply.
Prices were up, though,
Crude oil fell about 2 per cent on Friday, the first decline after three days of gains, as worries over the Greek fiscal crisis, weaker oil products prices and pre-weekend profit taking undercut the market.
Gasoline and diesel'