Oil prices were down in Asian trade today as worries about Ireland's massive bailout permeated the markets.
Oil prices were down in Asian trade today as worries about Ireland's massive bailout permeated the markets.
New York's main contract, light sweet crude for December delivery, fell 66 cents to $81.08. Brent North Sea crude for January shed 77 cents to $83.19.
Crude markets were depressed by the European Union and International Monetary Fund's decision to bail out Ireland, analysts said.
The market was worried that 'the bail-out of Ireland by the EU and IMF would result in a downgrade to Ireland's credit rating and potentially more austerity measures that could crimp oil demand,' they said.
