SINGAPORE (AP) - Oil prices fell to 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.
S&P cut Spain's long-term sovereign credit rating to "BBB+" from "A" late Thursday amid growing concern a weak economy will undermine tax income and exacerbate budget woes.