Oil falls below $104 after S&P cuts Spain debt rating
SINGAPORE (AP) _ Oil prices fell below $104 a barrel Friday in Asia after Standard & Poor's lowered Spain's credit rating by two notches, re-igniting fears about Europe's debt crisis.
Benchmark oil for June delivery was down 67 cents to $103.88 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 43 cents to settle at $104.55 in New York on Thursday.
Brent crude for June delivery was down 49 cents at $119.43 per barrel in London.
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