NEW YORK — More worries about the European debt crisis and global growth sent oil prices tumbling Monday.
As Greek default worries spilled through the markets and Athens's talks with creditors intensified, New York's main contract, WTI light sweet crude for October delivery, dived $2.26 to close at $85.70 a barrel.
In London, Brent North Sea crude for November closed down $3.08 to $109.14.
Heightened tensions between Athens and its bailout lenders, the European Union, European Central Bank and International Monetary Fund, kept a cloud over the oil markets.
Also having an impact were reports that the OPEC secretary general said Europe's economic problems and high joblessness in the United States were causing slower growth in oil demand.
"Obviously the oil market believes that demand will fall as well and the market seems to be suggesting further weakness as we move forward," said Phil Flynn of PFG Best.
"The economic environment remains very weak in Europe and the United States, renewing fears of a significant slowdown in the coming months, said Credit Agricole CIB analyst Christophe Barret.
"Europe seems to have reached the limits of what could be done on the fiscal front, with poor results, and is now moving toward austerity policies," Barret said.
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