Brent crude slipped by 57¢ to stand at $112 this morning on worries that Greece and Italy’s new governments may fail to impose reforms on the region’s debt crisis.

US oil fell by 73¢ to $98.64 as oil inventories rose to 1.3 million barrels in the week to 11 November 2011.

Asian shares were also slow on fears that the eurozone’s debt worries would spread after prices hit a five-week low, reports Reuters.