Oil fell to the lowest level this year as European elections stoked speculation that austerity efforts will be derailed and escalate the debt crisis.

Price fell as much as 3.2 percent after France elected Francois Hollande president and Greek voters flocked to anti- bailout parties. Hollande, who will become the first Socialist in 17 years to control Europe’s second-biggest economy, pledged to push for less austerity and more growth.

Hollande inherits an economy that is barely growing, with jobless claims at their highest level in 12 years. His platform calls for policies German Chancellor Angela Merkel opposes, including higher taxes, increased spending and delayed deficit reduction. Germany is Europe’s largest economy.

Hollande’s comments were echoed in Greece, where voters flocked to anti-bailout groups, leaving the two main parties, New Democracy and Pasok, a seat short of a majority if they govern together, an Interior Ministry projection showed.

Greece now faces a 50 percent to 75 percent likelihood of leaving the euro in the next year to 18 months, Citigroup Inc. economists Guillaume Menuet and Juergen Michels wrote in a report today. They’d previously estimated the risk of a euro exit at 50 percent.

Crude for June delivery slid to $95.34, the lowest intraday level since Dec. 20 on the New York Mercantile Exchange. Brent oil for June settlement declined $1.05, or 0.9 percent, to $112.13 a barrel on the London-based ICE Futures Europe exchange.

The price of gold down on Monday as election results in France and Greece have caused investor concerns about the implementation of existing programs, budget savings, and caused the fall of the euro and dollar growth.

According to the results of the second round of presidential elections held in France on May 6, the new president was elected the candidate of the Socialist Party, Francois Hollande, who assumed the position of election mitigation measures of the budget savings in the country.

Parliamentary elections in Greece ended in victory for parties opposed to European programs to save the country, putting into question the ability of Athens to the agreed reforms to the EU.

The cost of the June gold futures on the COMEX fell today to $ 1632.2 an ounce and is currently trading at $ 1637.9 an ounce.