Crude oil prices slipped in Asia today after Spanish Prime Minister Mariano Rajoy played down expectations of an immediate bailout for his struggling country, analysts said.

New York’s main contract, light sweet crude for delivery in November, shed 27 cents to $91.62 a barrel and Brent North Sea crude for November delivery slipped 29 cents to USD 111.28.

Rajoy yesterday denied that crisis-hit Spain was planning an “imminent” demand for a sovereign bailout.

Spain, the Euro zone’s fourth biggest economy, is required to make a formal demand for help in order to trigger the release of eurozone rescue funds and supportive action from the European Central Bank.

“Last night was a mixed bag of confusion centred on Spain’s prospects of requesting a bailout. Markets had initially moved higher on such hopes but drifted when Spanish PM Rajoy said such a move wasn’t imminent,” IG Markets said in a report.

Analysts had expected Spain to formally ask for Euro zone help within days.

But Rajoy quashed hopes at a news conference. He replied “No” when asked whether a bailout demand by Spain was “imminent” and did not elaborate.

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