US crude falls below key support at $88.55
US crude oil futures fell below a key technical support level at $88.55 a barrel on Wednesday, breaching the 61.8 percent Fibonacci retracement of their October to March rally and threatening to intensify selling by triggering stop losses.
Brent crude fell by as much as 1% today to below $110 as Japan's worsening nuclear crisis buffeted stock markets, raising questions about the effect of the earthquake on growth and energy demand.