Oil fell sharply on Monday, extending losses from the previous session, after elections in France and Greece raised concerns over their ability to carry out further austerity measures and renewed worries about the euro zone debt crisis. The bad news from Europe came after data showing US non-farm hiring slowed for the second month in a row in April, which fuelled a sell-off in oil markets on Friday on fears of falling energy demand in the US. Brent crude lost $1.38/B, to $11.80/B, its lowest since late January. The benchmark contract fell 2.5% on Friday. US crude was down $2.02/B at $96.47/B, its weakest since 20 December  2011.