Crude oil futures plunged below $87 a barrel in the Asia trades today as concerns about a Greek default return to the fore. Asian stocks fell on Monday, as concerns about a Greek default came back to the fore amid indications that Europe is losing patience with the country's efforts to cut its debt pile. NYMEX light sweet oil futures are down $1.24 at $ 86.69 per barrel in Asia electronic trades today. It gained 1.41% last week. Crude prices fell 1.6% to hit a four-day low of $86.99 a barrel on Friday as concerns over the euro zone's debt crisis intensified after a meeting of European Union finance ministers in Poland failed to produce an agreement on how to resolve the region's escalating debt crisis. Fears over a possible Greek debt default also weighed on sentiment as EU ministers postponed a decision to release the next tranche of aid to the debt-laden country until next month. The euro fell to $1.3692 against the dollar in Asian trading hours on Monday, from $1.3793 in late North American trading on Friday, as investors remain focused on Europe's debt woes. Reports over the weekend said Greece is holding crisis talks to try to ensure that it receives the next tranche of the funding necessary for the country to stave off default. In the week ahead, oil traders will be will be watching the outcome of the Federal Reserve's extended policy setting meeting on Wednesday for any signs that the bank is looking at providing fresh monetary stimulus to support the U.S. economy, while developments in the euro zone are also likely to remain in focus.

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