Oil prices slid today as an initial rally following Greece's election result evaporated with traders' attention switching to wider euro zone debt concerns.
New York's main contract, light sweet crude for delivery in July, dropped $1.45 to $82.58 a barrel.
Brent North Sea crude for August shed $1.80 to $95.81 in London trade.
Analysts said that the sovereign-debt crisis will continue to worry the market for a long time yet, which could prevent any significant increases in commodity prices.
Greece's two main pro-bailout parties narrowly clinched enough votes on Sunday to form a government, giving relief to dealers who had feared a victory for anti-bailout radicals would likely have led to the country being forced out of the euro zone.
Sunday's crucial election was the second in six weeks in Greece after May 6 polls failed to produce a government, stirring fears that the political stalemate would paralyse efforts to bring Greece back from the brink.
Global financial markets have been monitoring the election closely because of its potential domino effect on other economies in the currency bloc and globally.
Greece has been forced to seek bailouts twice, first for €110 billion in 2010 and then for €130 billion this year - plus a €107 billion private debt write-off.
