Oil futures dropped for the first day in the New York Mercantile Exchange, cracking a six-day longest gains run this year.

Worldwide concerns primarily hinged on the global fiscal crisis, such as Europe's bailout fund being voted out by the Slovak government and the U.S. Senate's disapproval of President Barack Obama's $447-billion jobs creation plan, pushed oil futures to slide down by as much as 0.9 per cent.

Crude for November delivery crashed 81 cents to $85 a barrel in electronic trading on the New York Mercantile Exchange. On Tuesday, it went up 0.5 per cent to $85.81, the highest close since Sept. 21. Overall, prices are down 6.9 per cent this year.

November delivery of Brent oil fell 45 cents, or 0.4 per cent, to $110.28 on the London-based ICE Futures Europe exchange. Brent contract was at a premium of $25.25 compared to New York crude, at a record of $26.87 on Sept. 6.

Slovakia remains the only country in the 17-member eurozone that has yet to approve improvements to the European Financial Stability Facility. Slovak lawmakers have to reschedule a vote meeting on the matter.

Mr Obama's jobs creation program failed to entice the American lawmakers. The program detailed reductions in payroll taxes for workers and employers, as well as new funding for roads, bridges and other major infrastructure projects.