Brent falls more than $1, fresh 16-month low

Fears about the slowing of euro zone economy ahead of Spanish bond sales weighing on crude

Brent crude futures hit a fresh 16-month low at $94.44 a barrel on Tuesday on slack demand due to fears about the slowing the euro zone economy ahead of Spanish bond sales.

Brent extended losses after falling $1 to $95.05 a barrel. At 0814 GMT, Brent was down $1.18 at $94.87 a barrel.