Oil prices fell today regarding deteriorating global oil demands, made worse by a slowing Chinese economy and a failed attempt to form a new government in Greece.

Brent crude slid 86 cents to $111.40 a barrel and US crude also dropped, to $94.99 a barrel, reported Reuters.

China’s central bank cut the amount of cash banks must hold as reserves on the weekend, freeing an estimated $63.5bn for lending, after data showed the economy was weakening.

Meanwhile, Iran and the International Atomic Energy Agency will hold a third round of nuclear talks in Vienna, Austria, this week, where the UN atomic agency plans to demand access to an Iranian military site.

Tensions between Iran and the West are likely to keep oil prices high, the International Energy Agency said last Friday.