It comes after a meeting of European Union finance ministers in Poland last week announced no new immediate measures to tackle the problem.
Brent crude was down 95 cents to $111.27 a barrel, while US light crude had lost $1.14 to $86.82.
Oil analyst Jonathan Barratt of Commodity Broking Services said the eurozone concern was hitting demand.
"Look at what's happening in Europe. People are beginning to see that it is taking a lot longer than anticipated to resolve the issue," he said
"Longer uncertainty means the demand outlook for oil remains weak."
On Sunday, Greek Prime Minister George Papandreou chaired cabinet crisis talks, a day after cancelling a trip to the US amid growing fears over the debt crisis in the country, eurozone's most indebted nation.
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