Oil markets fell today over the impact of Spain’s $125bn bailout package on public debt and uncertainty regarding elections in Greece, which could worsen the growth in global oil demand.

Brent slipped to $96.62 a barrel and US oil fell 74 cents to $81.96 a barrel, reported Reuters.

The eurozone crisis worsened on Monday when Cyprus hinted it may become the fifth member to apply for an international bailout to help its banks.

Meanwhile, Saudi Arabia is calling for an increase in OPEC’s output target for the second half of the year, putting further pressure on oil prices.