Crude prices were down in Asia today as the euro retreated against the dollar after Standard & Poor's placed most of the euro zone on negative credit rating watch.
New York's main contract, light sweet crude for January delivery, fell 56 cents to $100.43 a barrel. 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.
