Oil prices fell today as Spain’s debt woes raised demand growth concerns and threatened to upset the global economic outlook.

Brent crude fell 43 cents to $118.25 a barrel, with investors remaining cautious as the Spanish Government bond yields broke the 6% mark yesterday for the first time since December, increasing fears that the nation may need an international bailout package, reports Reuters.

US crude fell ten cents to $102.83 a barrel after retail sales increased 0.8% in March in comparison to 1.0% in February, according to the US Commerce Department.

US crude prices were also supported by news that Enterprise Product Partners and Enbridge plan reverse the flow of the Seaway pipeline ahead of schedule by mid-May.