VIENNA, Austria -- Oil prices were down Wednesday but off earlier lows on a rate cut by the world's major central banks, according to The Associated Press.

While still down from Tuesday's closing, prices rose somewhat after the U.S. Federal Reserve and other global central banking authorities cut their key interest rates by half a percentage point, in the Fed's case to 1.5 percent.

In Europe, which also has been hard hit by the financial crisis, the Bank of England cut its rate by half a point to 4.5 percent, while the European Central Bank sliced its rate to 3.75 percent. Other central banks taking part include the banks of Canada, Sweden, and Switzerland.

Light, sweet crude for November delivery was down $1.44 to $88.64 a barrel in electronic trading on the New York Mercantile Exchange by afternoon in Europe.