--French and Greek election results spark concerns over demand for oil --The worries prevent oil futures from correcting upwards after falls last week --Analysts expect crude prices to fall further By Konstantin Rozhnov Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Crude-oil futures fell Monday, as French and Greek election results fueled worries over the euro zone's ability to solve its sovereign debt problems and prevented crude prices from correcting upwards after sharp falls last week. "Normally we would see more strength in oil futures [after such falls]," said Torbjorn Kjus, oil market analyst at DnB NOR. At 1044 GMT, the front-month June Brent contract on London's ICE futures exchange was 35 cents, or 0.3%, lower at $112.83 a barrel. The front-month June contract on the New York Mercantile Exchange was trading down 67 cents, or 0.7%, at $97.82 per barrel. "Optimists who recently believed that most of the risks concerning the euro were already "priced in" are now discovering that this is by no means the case," Commerzbank said in a note. The victory of socialist Francois Hollande in France and doubts that Greece's center-right New Democracy party and the center-left Socialists, known as Pasok, will be able to form a coalition raised concerns the euro-zone sovereign debt crisis may be further from being solved than previously thought. "The results of the elections in Greece and France are evidence that voters are not willing to pay for the severe programs of austerity measures," Commerzbank said. But in the longer term, higher fiscal spending by new governments in Europe could potentially translate into the hoped-for economic growth and subsequently into higher oil demand, JBC Energy said in a note, adding that it remains to be seen whether it's going to be the case. Worries over the euro-zone debt crisis have pressured oil prices for months, as market participants fear that a sharp economic slowdown in Europe will significantly cut demand for oil. Going forward, oil prices are likely to continue falling, analysts said. "Lackluster macroeconomic conditions, easing global tensions and bearish fundamentals have already started to weigh on oil prices as exhibited by last week's gap lower," Morgan Stanley said in a note. "We estimate that if OPEC production continues at today's levels, stocks would build above normal through 3Q and supply would average 813,000 barrels a day higher than demand in 2012," said Morgan Stanley. Brent futures could fall to $100 a barrel, especially if tensions over Iran's nuclear program ease, leading to the European Union calling off sanctions against the Islamic Republic, said Kjus. "There's more weakness to come in the oil market," he added. At 1044 GMT, the ICE's gasoil contract for May delivery was up $2.50, or 0.3%, at $959.25 per metric ton, while Nymex gasoline for June delivery was unchanged at $2.9758 per gallon. -By Konstantin Rozhnov, Dow Jones Newswires; +44 207 842 9956; konstantin.rozhnov@dowjones.com

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