Global oil prices plunged on Wednesday due to a stronger dollar and amid concerns over Spain and China’s economies.

On the New York Mercantile Exchange, West Texas Intermediate crude for July delivery fell three-point-two percent from Tuesday to stand at 87-point-82 dollars per barrel. The figure was the lowest to be recorded since last October.

At the London ICE Futures Exchange, Brent crude traded at 103-point-31 dollars per barrel, down three-point-two percent from Tuesday.

Gold for August delivery gained one percent to end at one-thousand-565 dollars per ounce.