SINGAPORE - Crude prices slipped in Asia on Wednesday 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 19 cents to $91.70 a barrel in the afternoon and Brent North Sea crude for November delivery slipped 46 cents to $111.11. Rajoy denied Tuesday that crisis-hit Spain was planning an “imminent” demand for a sovereign bailout.

Spain, the eurozone’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 eurozone 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.