Oil fell to the lowest level in almost five months amid growing speculation Greece may leave the euro currency union and as Saudi Arabia’s oil minister said prices should decline further.

Futures dropped as much as 2.6 percent after Greece failed to agree on a unity government and European Union officials considered its possible exit from the euro. Saudi Arabia wants crude prices lower than they are now, Oil Minister Ali al-Naimi said yesterday in Adelaide, Australia. The kingdom is pumping at its highest rate in almost three decades, OPEC data show.

Crude for June delivery fell to $93.65, the lowest front-month intraday price since Dec. 19. on the New York Mercantile Exchange. Futures are down 14 percent from this year’s closing high of $109.77 on Feb. 24.

Brent for June settlement tumbled $1.16, or 1 percent, to $111.10 a barrel on the London-based ICE Futures Europe exchange.

The price of gold falls as investors transfer funds to the dollar as the most reliable asset,for fear of aggravating the situation in Europe, where output increased risks of Greece from the eurozone.

In Greece, after the parliamentary elections of May 6 has not yet formed a coalition government. The leaders of the Greek political parties said on Sunday that the contradictions between them do not allow a coalition, so that the country is likely to face new elections.

This situation calls into question the future of Greece agreements with international lenders on behalf of the EU and the IMF. Among market participants are increasingly sounding the assumption that Greece still leaves the treatment area the single European currency.

The cost of the June gold futures on the COMEX fell today to $ 1555.0 an ounce.