Oil prices fell sharply, weighed down by concerns that the fragile global economy may hit demand, although the risk of supply disruptions between Iran and Western countries due to the tense situation still remains.

The protests in Spain against austerity measures have increased fears of a three-year extension of the debt crisis in the euro zone. At the same time, U.S. companies have to reduce profits amid the global slowdown.

Both contracts for crude oil sent to its first monthly decline in three months, even despite the fact that earlier this month, prices reached a four-month high.

In Spain, protesters clashed with police in the capital, as the government prepared a new package of unpopular austerity budget for 2013, which will be announced on Thursday.

Investors also remain concerned about weak demand in China, which is the second largest oil consumer in the world, as small firms, which are the main driving force of economic growth, the lack of money.

Despite the drop in oil prices on Wednesday supported by rising tensions in Iran and the rumors of a possible reduction in the supply of key seller of oil to Asia.

October futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) on the NYMEX is now $89,48 per barrel.

November futures price of North Sea Brent crude oil mix is ​​now $108,94 a barrel on the ICE Futures Europe Exchange.