Oil fell for a fifth day as Saudi Arabian Oil Minister Ali al-Naimi said prices are too high and the euro weakened against the dollar after election results in Greece and France.

Oil prices are “still a little bit high,” al-Naimi said in Tokyo today before board meetings of Saudi Arabian Oil Co., of which he is chairman. The euro fell for a seventh day as Greek politicians struggled to form a new government and on the possibility of a policy conflict between Germany and France, which elected Socialist Francois Hollande president.

Crude for June delivery fell $95.52 a barrel on the New York Mercantile Exchange. The price has fallen 9.7 percent in a five-day losing streak that is the longest since Feb. 2.

Brent oil for June settlement dropped $2.04, or 1.8 percent, to $111.12 a barrel on the London-based ICE Futures Europe exchange.

Gold prices fall on Tuesday amid fears worsening debt crisis in Europe, while the dollar strengthened.

The growth of the dollar and falling gold prices began on Monday after investors were disappointed the results of past elections May 6 in Greece and France.

Thus, according to many experts, the victory of socialist Francois Hollande's presidential election in France can mean a revision of the austerity measures in Europe.

In addition, still remains unclear the government of Greece. On the eve of the leader of the victorious center-right parliamentary elections Antonis Samaras could not agree with the other parties and form a government alone. In this connection, on Tuesday to form the government passed the leader of the leftist coalition SYRIZA Alexis Tsiprasu, which alerted investors to the statements that he was going to suspend payments on the debt of Greece.

The cost of the June gold futures on the COMEX today fell 2.54% to $ 1599.3 an ounce, its lowest intraday level since Jan. 4, 2012.

Change % Change Last

Gold 1,639 -6 -0.38%

Oil 97.93 -0.56 -0.57%