Oil prices crashes in London amid growing uncertainty over Greece

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Oil is now on course for a five percent drop this week in the biggest fall since early May.

The euro slid towards three-week lows with markets unconvinced that Athens could avoid a default, even after appearing to secure a round of near-term funding.

Brent crude for August tumbled $2.97 per barrel to a low of $111.05 before recovering a little to around $111.68 later. The U.S. crude benchmark, known as West Texas Intermediate or WTI, retreated $2.50 to $92.45.

"Greece will weigh into prices next week. It will be an underlying concern for the weeks to come. It's like watching Lehman in 2008... it's a problem but we don't have the solution," Olivier Jakob from consultants Petromatrix said.

Analysts were worried about the impact of the euro zone debt crisis, which dragged equity markets lower and forced Spain to pay a premium in its latest debt auction.

"Everyone is fearful about the euro financial crisis, especially in Greece," said Ken Hasegawa, a commodity derivatives manager at Japan's Newedge brokerage.

"We have seen some good and some bad data. We hope the euro will stabilize because it's very much correlated with crude."