Crude prices fell on Monday as concerns about euro zone lingered on Greek political uncertainties and rising borrowing cost of Italy and Spain.

The concerns about euro zone mounted as Greece was still struggling to form new government and German Chancellor Angela Merkel's conservatives party failed in a regional election on Sunday. The ongoing austerity plans were in threat and the bloc's debt outlook loomed.

Besides, the borrowing costs for Spain and Italy rose on Monday at their bond auctions. Worries about euro zone's debt problems weighed.

In China, its central bank lowered the reserve ratio by 0.5 percentage points in an effort to boost the economy. Fears of an economic slow-down in the world's second largest oil consumer posed pressure on oil prices.

Light, sweet crude for June delivery slipped 1.35 dollars, or 1.40 percent to settle at 94.78 dollars a barrel on the New York Mercantile Exchange, the lowest settlement since Dec. 19. In Londn, Brent crde for June delivery declined 69 cents, or 0.61 percent to close at 111.57 dollars a barrel.