Crude oil futures fell below $83 a barrel on Monday, to the lowest level since October 2011, on concern about sluggish demand from the Eurozone and a glut in global supplies.

Optimism about Spain’s bank bailout faded as focus turned to future oil demand from the troubled Eurozone.

Crude oil futures settled $1.40 lower at $82.70 a barrel on the New York Mercantile Exchange as investors mulled Spain’s deal.

Spain asked the European Union for a EUR100bn financial aid package over the weekend to help its ailing banking sector. While there was relief about the rescue plan, worries emerged that the bailout was potentially not enough to stop a breakdown of the Eurozone. Jitters set off a global market rout on Monday.

Markets also fretted about the Greek elections, which are fast approaching.

Gold futures settled higher on Monday but didn’t quite make $1,600 an ounce as markets mulled Spain’s bailout.

Gold for August delivery added $5.40 to settle at $1,596.80 an ounce on the Comex division of the New York Stock Exchange after a choppy session.

Fresh worries about the Eurozone resumed as euphoria over its financial lifeline faded.

CJ