Crude oil futures declined on Tuesday in reaction to referendum decision on Greece debt crisis. Crude oil futures contract for December delivery declined 1.1 percent or $1 to settle at $92.19 per barrel on the New York Mercantile Exchange. Moreover bankruptcy of one of the largest US commodity brokers MF Global further disappointed the investors.

Bill O’ Neill from Logic Advisors in New Jersey commented, “MF Global Holdings Ltd. was one of the main players in the oil market and its bankruptcy filing, which essentially prevented its employees from trading, took a lot of the volume out of the market and that has created significant volatility,” he further added, “Markets also keyed in on plans for a Greek referendum on a recently agreed euro-zone bailout, which threw renewed uncertainty about the euro zone, add to that a plunge for stocks, a higher dollar and lackluster macroeconomic data and you have a perfect storm of negativity.”

O’ Neill said, “Markets were in trouble from the get-go. This is not a fundamentals day; people are focusing on Europe,” on whether the Greek government will collapse, and what’s next for MF Global.”

Gasoline futures contract for December delivery surged 0.7 percent or $0.02 to $2.62 per gallon while heating oil futures contract for December delivery fell 0.7 percent or $0.02 to $3.04 per gallon at New York Mercantile Exchange.

Natural gas futures for December delivery slipped 3.9 percent or $0.15 to $3.78 per million British thermal units.