SINGAPORE: Crude prices were down in Asia Tuesday as the euro retreated against the dollar after Standard & Poor's placed most of the eurozone on negative credit rating watch, analysts said.
New York's main contract, light sweet crude for January delivery, fell 56 cents to $100.43 a barrel in the afternoon.
Brent North Sea crude for delivery in January shed 57 cents to $109.24.
Prices tracked the euro's fall after S&P told Germany, France and 13 other nations that they risked seeing their ratings cut if leaders are unable to come up with a coherent plan to address the region's debt crisis, analysts said.
The announcement came hours after France and Germany said they had thrashed out strict new rules for fiscal discipline within Europe, which they hope will finally return confidence to the currency bloc.
Eyes are now on a crucial European Union summit on Thursday and Friday.
"Crude oil prices gave up gains on Monday after the euro slipped against the dollar" following the S&P report, said Ker Chung Yang, commodity analyst for Phillip Futures in Singapore.
The euro changed hands at $1.3366 in morning Asian trade compared with $1.3394 in late New York trade Monday.
A stronger greenback makes dollar-priced crude less attractive to traders using other currencies such as the euro.?AFP
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