Oil prices dropped to near $94 a barrel Monday due to concerns that China’s economy, the world’s second-largest, is slowing faster than expected as well as speculation that Greece could abandon the euro currency bloc.

By early afternoon in Europe, benchmark oil was down $1.71 to $94.42 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 95 cents to settle at $96.13 in New York on Friday.

In London, Brent crude was down $1.61 at $110.65 per barrel on the ICE Futures exchange.

Traders brushed off China’s announcement Saturday that it plans to cut its bank reserve requirement by 0.5 percentage points. The move, the third reserve ratio cut since November, is designed to boost lending and spark economic growth.

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