Investing.com - West Texas Intermediate oil futures fell to the lowest level in nearly six years on Monday, after anti-austerity Syriza party swept to victory in elections in Greece, reviving concerns over the country's future in the euro zone.
On the New York Mercantile Exchange, crude oil for delivery in March hit a session low of $44.36 a barrel, a level not seen since March 2009, before trading at $45.19 during European morning hours, down 41 cents, or 0.89%.
On Friday, New York-traded oil futures slumped 72 cents, or 1.55%, to end at $45.59 a barrel. Nymex oil futures lost $3.61, or 7.21%, last week, the biggest weekly decline in six weeks.
Syriza's leader Alexis Tsipras has pledged to renegotiate the terms of Greece's €240 billion bailout and reverse many of the austerity measures imposed by the European Union and International Monetary Fund.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for March delivery shed 52 cents, or 1.06%, to trade at $48.28 a barrel, after touching a daily low of $47.85.
On Friday, Brent for March delivery inched up 27 cents, or 0.56%, to settle at $48.79 as the death of Saudi Arabia's King Abdullah fueled speculation over a possible shift in the kingdom’s policy of allowing crude prices to fall.
However, new King Salman kept current oil minister Ali Al-Naimi in place, underling the view that he would maintain existing policy.
Oil prices have fallen nearly 60% since June as the Organization of Petroleum Exporting Countries resisted calls to cut output, while the U.S. pumped at the fastest pace in more than three decades, creating a glut in global supplies.