Benchmark U.S. crude has dropped nearly 16 percent so far in May on growing expectations that world won't use as much as previously thought this year. The futures contract fell $2.93, or 3.2 percent, to $88.08 in Wednesday morning trading.
Analysts point to weak U.S. jobs numbers and a slowdown in China's manufacturing sector. The U.S. and China are the biggest oil consumers in the world.
Experts also are concerned by a banking crisis in Europe that may pull the eurozone into recession. Economic confidence has plummeted this month in Europe, pushing the euro to its lowest level in two and a half years.
Brent crude fell by $2.69 to $103.99 per barrel in London.
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