Oil prices fell today over renewed fears of economies in the euro zone, following Standard & Poor’s downgrade of Spain’s credit rating to BBB-plus.

Brent crude slipped 55 cents to $119.37 a barrel, while US oil fell 60 cents to $103.95, reports Reuters.

The lowered credit rating is expected to deteriorate the Spannish Government’s finances even more due to a shrinking economy and an ailing banking sector.

Bond prices of German Government rose on worries that economic weakness could deepen the euro zone debt crisis.