Oil prices have dropped below $64 a barrel following a higher shale output forecast in the US.
Brent crude for August dropped 42 cents to $63.84, while the US crude for July fell 44 cents at $60.01, Reuters reported.
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An emergency summit is expected on Monday by the leaders of eurozone to try to avoid a Greek default, which could impact the oil demand in the continent, especially from southern countries.
Olivier Jakob of Petromatrix in Switzerland told the news agency: "Oil markets are not pricing much in terms of Greek risk, but most of the European oil demand growth this year is coming from the southern countries."
Analysts believe that in case there was a Greek default and the risk could spread to other countries in southern Europe it may have a negative impact on oil demand in Europe.
Brent declined from $115 in 2014, a drop that deepened following the Organization of the Petroleum Exporting Countries decision to maintain production with an expectation that weaker prices could impact the higher-cost producers such as US shale, which in turn benefit OPEC producers.
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By GlobalDataShale producers in the US have projected an increase in output for 2015.
