Global oil prices slip amid Greece talks

Oil prices slipped on Monday as markets awaited the outcome of a eurozone finance ministers' meeting, focused on agreeing a revamped rescue deal that would unlock the next slice of cash to debt-plagued Greece.

New York's main contract, West Texas Intermediate crude for January delivery, shed 54 cents at $87.74 a barrel.

Brent North Sea crude for January dropped 46 cents to $110.92 a barrel in London trade.

Michael Lynch of Strategic Energy and Economic Research said trade was calm as participants awaited some sign of progress from the Greece talks and from negotiations in Washington on the US deficit and the fiscal cliff.

Many worry that the cliff's combination of programmed, sharp spending cuts and tax hikes would send the US economy back into recession if Democrats and Republicans cannot agree a remedy.

"Traders are likely to be bogged down by fiscal cliff talks again this week. Very little has happened in the past 10 days, partly due to the Thanksgiving break, but time is slipping away," said analyst Jason Hughes at IG Markets Singapore.

The talks on Greece between EU authorities and the International Monetary Fund appeared headed into a long night of tussling. Failure to reach a deal that would see fresh funds allocated to Athens could give markets a shock when they open on Tuesday.