Oil prices are tumbling as the growing worries over the EU’s debt crisis sweep through financial markets, and the Organization of Petroleum Exporting Countries agrees to raise production.

Benchmark crude oil for January delivery declined by 5.19 US dollars, or 5.18 percent, to 94.54 US dollars a barrel in New York, the biggest fall in three months. Investors fear European leaders may not be able to contain the region’s debt woes as the euro also fell to its lowest level against the dollar in 11 months.

A strong dollar makes crude more expensive for investors using other currencies. Meanwhile, OPEC said Wednesday that it will keep oil production targets at 30 million barrels per day, which added the fall in price.