The price of Dubai crude has fallen sharply to below a hundred dollars a barrel.

Dubai crude spot prices fell three dollars and 37 cents to 97-30 on Tuesday. But prices for future contracts in New York and London rose considerably after the U.S. Federal Reserve cut its key interest rate by three quarters of a point the same day.

In New York, West Texas Intermediate for April delivery rose three dollars and 74 cents to 109-42. In London, Brent North Sea crude futures also rose three dollars 80 cents to 105-56.

The Korea National Oil Corporation attributed the spot price drop to expectations that lower interest rates will decrease the value of the dollar.