Crude oil fell below $94 a barrel for the first time in more than two weeks yesterday after Goldman Sachs said Japan is at risk of recession, cutting energy consumption.

The chance of Japan slipping into a recession "has risen to the danger level of around 50 per cent", Tetsufumi Yamakawa, chief economist at Goldman Sachs in Tokyo, said.

The bank warned of a US contraction on Wednesday. The US and Japan consume about 30 per cent of the global oil supply.