Crude prices slipped further on Monday after posting the biggest decline last Friday, as elections in France and Greece over the weekend brought uncertainties to the eurozone debt crisis.

After Francois Hollande beat Nicolas Sarkozy in the French presidential run-off and Greek voters punished pro-bailout parties in the parliamentary election on Sunday, the market fell into anxiety and risk assets including crude futures started to fall.

Investors feared that the elections could disrupt eurozone's austerity measures, which were seen by the market as crucial to solving the bloc's debt problems. Analysts warned that the region' s already struggling economic recovery could be derailed. Since Europe consumes about 20 percent of world's oil, a weak European economic outlook weighed heavily on crude oil demand.

During the trading session, the New York crude benchmark WTI fell as low as 95.34 dollars a barrel, the lowest intraday level since Dec. 20. Volume for both U.S. and London contracts remained thin, lagging 30-day averages.

Light, sweet crude for June delivery dropped 55 cents, or 0.56 percent to settle at 97.94 dollars a barrel on the New York Mercantile Exchange. In London, Brent crude for June delivery also declined and last traded around 113 dollars a barrel.