Oil falls amid global economic fears

Oil markets have fallen due to worries about the global economy from Europe to China, raising concerns about the slowing demand for petroleum.

Brent crude fell $1.28 to $119.93 a barrel, while US oil slipped 79 cents to $102.05, reports Reuters.

China's economic expansion grew at its weakest pace in nearly three years in the first quarter but the slide in crude prices was stemmed by concerns that Western sanctions could further disrupt Iranian oil exports.

Meanwhile, a stronger dollar and a rise in cost of insuring Spanish debt against default also renewed worries about the euro zone debt crisis.