The fluorescence blinking of single CdSe/ZnS nanocrystals under different experimental conditions is investigated. We show that the blinking process is very sensitive to the particle environment even if the nanocrystals are covered with a few monolayers of ZnS. Especially the presence of oxygen leads to a shortening of the on-times but leaves the off-times almost unaffected. Therefore, oxygen which is adsorbed to the surface might act as a scavenger for photo generated electrons and leaves the particle in its (positively charged) dark state.