Crude futures fell Monday on increasing concerns Greece 's debt crisis will lead to a slowdown in the global economy.

Light, sweet crude for July delivery recently traded 43 cents, or 0.5%, lower at $92.58 a barrel on the New York Mercantile Exchange, after falling as low as $91.14 a barrel earlier in the session.

Brent crude on the ICE futures exchange traded $1.19 higher at $112.02 a barrel.

Oil, along with stocks and other commodities, remains focused on the situation in Greece and the effect a debt default in the country could have on global growth.

Euro zone finance ministers early Monday said they had narrowed their differences over how to get Greece 's private-sector creditors to contribute to the country's financing. But the ministers left crucial details unresolved, most importantly how to get creditors to participate without causing a Greek sovereign default.

Euro zone officials also warned the next tranche of Greek aid, which would keep the country from defaulting next month, was dependent on the passage of the latest austerity package.

"This whole Greece debacle, the longer they drag it out, the more we worry," said Carl Larry, director of research and derivatives at Blue Ocean Brokerage.

Oil's decline comes after hitting a four-month low Friday. Futures fell more than $6 last week as disagreements on how to structure a Greek bailout and protests in Athens sent investors fleeing from risky assets, such as equities and commodities.

Crude has fallen below its 200-day moving average, a key technical level that often suggests further drops.

Peter Beutel, president of oil-trading advisor Cameron Hanover, said technical indicators suggests a fall as low as $85 a barrel is "all the more likely," after the declines of last week.

Greece 's latest woes come as economists are lowering their forecasts for economic growth in the U.S. and around the globe. Over the past month, weakening data on U.S. jobs and manufacturing have signalled that the economic recovery may be sputtering, roiling markets. The International Monetary Fund Friday cut its estimates for U.S. economic growth this year to 2.5% from 2.8%.

Slowing growth in the U.S. would result in a drop in oil consumption by businesses and consumers, helping to balance the global crude market that is still adjusting to a loss of exports from Libya .

Front-month July reformulated gasoline blendstock, or RBOB, recently traded 2.63 cents, or 0.9%, lower at $2.9197 a gallon. July heating oil recently traded 2.87 cents lower at $2.9546 a gallon.

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