Oil prices suffered their biggest selloff in five months on Monday, falling as much as 8 percent as Greece's rejection of debt bailout terms and China's stock market woes set off a deepening spiral of losses.

Greece moving down oil prices. Oil prices fell on Monday, with U.S. crude dipping below $59 per barrel to an almost three-week low, after Greece imposed capital controls as lenders refused to extend the country's bailout.

If Greece withdraws from the Turkish Stream project, which is planned to transfer Russian natural gas to Europe via the Turkish-Greek border, the U.S. will expect the International Monetary Fund (IMF) to reward Greece

Greece expected to sign a memorandum on Turkish Stream during the St. Petersburg International Economic Forum, which will be held June 18-20.

Greece's energy minister has discussed in Moscow the construction of a pipeline that will transport Russian gas to Europe through its territory, the Greek energy ministry said on Saturday.

Athens expects to agree to take part in a pipeline that would bring Russian gas to Europe via its territory, Greece's energy minister said on Friday, estimating the project would cost 2 billion euros ($2.1 billion).

Relations between Greece and Russia appear to be strengthening after Tsipras confirmed his opposition to Western sanctions on Russia. He claimed that the Greek government helped block European proposals to increase the scope of the sanctions.

The Turkish Stream pipeline project is Russia's replacement for the South Stream project, which the EU effectively put on hold due to legal issues involving the same company supplying gas and constructing and owning the pipeline transporting the gas.

Preparing the ground for a much-discussed visit in Moscow (8-9 April), Greek Prime Minister Alexis Tsipras reiterated his opposition to EU sanctions against Moscow, adding that debt-ridden country’s ambition is to upgrade its relations with Russia.

Turkey and Greece are back under the spotlight as Russia’s Gazprom restated the importance of Turkish Stream for Greece’s energy security, while the Turkish Cypriot and Greek Cypriot leaders openly referred to the opportunity of resuming negotiations about the future of the Mediterranean island.