1st LD Writethru: Oil prices plunge amid Greek worries

Oil prices plummeted Monday after Greece rejected debt bailout terms.

In a Sunday referendum, more than 61 percent of Greeks voted " no", rejecting a proposal from international creditors that included pension cuts, tax increases and other measures.

Analysts said the "no" vote increases the likelihood that Greece may eventually exit the Eurozone and add uncertainty of European economy.

Finance ministers from euro zone countries are expecting new proposals from Greece in talks held Tuesday, Eurogroup said in a statement Monday.

The Greek debt crisis boosted the dollar. A stronger greenback made the dollar-priced crude more expensive and less attractive for buyers holding other currencies.

Also, China's stock markets have declined in recent weeks, which sparked worries among investors about oil demand from the world's important consumer.

Traders are also eyeing the progress of Iran nuclear talks. The negotiations between world powers and oil producer Iran to curb the latter's nuclear ambitions dragged into final days.

The West Texas Intermediate for August delivery moved down 4.4 U.S dollars to settle at 52.53 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery decreased 3.78 dollars to close at 56.54 dollars a barrel on the London ICE Future Exchange. Endite