LONDON  - World oil prices dropped on Tuesday, with Brent crude briefly hitting a 17-month low point on Spanish debt concerns, analysts said. New York's main contract, light sweet crude for delivery in July, fell 11 cents to $83.16 a barrel. Brent North Sea crude for August stood at $95.43 in London midday deals -- down 62 cents compared with Monday's close and after the contract had hit $94.44 earlier on Tuesday. That was its lowest point since January 10, 2011. "Euro area challenges continue to pressurise oil prices and we expect these to persist in the short term," said Barclays Capital analyst Amrita Sen. Spain on Tuesday succeeded in raising 3.04 billion euros ($3.8 billion) in a short-term debt sale but its borrowing costs soared as the eurozone debt storm battered Madrid.