Crude oil futures plunged on Monday as Saudi Arabia’s oil minister Al-Niami indicated higher global oil inventories in his recent comments. Moreover, political crisis in Greece also boosted the attraction of the greenback eventually having a negative impact on the commodities.

Crude oil futures contract for June delivery fell 1.4 percent or $1.35 to settle at $94.78 per barrel on the New York Mercantile Exchange. The crude oil has declined to its lowest since December 19^th, 2011 and has plunged 9.6 percent in the current year so far.

Saudi Arabia’s oil minister also indicated that oil prices have reached unrealistically high levels and European Brent crude should be trading at $100 per barrel.

London’s Brent crude oil futures contract for July delivery also fell $0.77 to $111 per barrel on the ICE Futures Exchange while the respective contract is down 6.6 percent in the current month so far. The stronger dollar also kept the commodities under pressure as the ICE dollar index gained to 80.588 on Monday as compared to 80.296 on Friday’s late trading session.

Among other energy commodities, gasoline futures contract for June delivery fell 1.4 percent or $0.04 to settle at $2.96 per gallon while is down 7.1 percent for the month. Heating oil futures contract for June delivery slipped 1.2 percent or $0.03 to settle at $2.93 per gallon. Heating oil has plunged 8 percent in the current month till now.

Natural gas futures contract for June delivery declined 3.1 percent or $0.08 to settle at $2.43 per million British thermal units. Natural gas has declined 6.4 percent in the current month while for the year its fell 19 percent.