Spain’s euro difficulties and lower expectations of Chinese growth were mainly responsible for the price falls.
US light crude was selling at $88.02, down $2.74, per barrel in late morning trading on Wednesday.
At one point, prices had dropped to $87.98 per barrel.
Analysts said $88.55 per barrel was a key technical support level based on “financial retracement”.
Having breached this, prices could soon accelerate their downward movement toward $80 per barrel, according to Barclays Capital.
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