Oil prices drop on Europe's worries

NEW YORK, Nov. 16 (UPI) -- Concern over debt issues in Europe weighed on crude oil Tuesday, pulling prices on the New York Mercantile Exchange under $83 per barrel.

Last week's run up to $88 per barrel has hit a wall of doubt in Europe, where finance ministers are discussing a bailout of Ireland and are worried the debt crisis will spread to Portugal and Spain.

Ireland continues to deny it requires a bailout, saying it will manage to correct its financial difficulties with austerity measures alone. European Union officials are expected to review Ireland's four-year budget plans this week.

The price of December delivery crude oil in New York fell 2.9 percent to $82.44 per barrel. Heating oil prices shed 4.49 cents to $2.326 per gallon. Reformulated gasoline blendstock prices added 1.43 cents to $2.17 per gallon.

At the retail level, the national average price of unleaded gasoline rose slightly to $2.893 per gallon Tuesday from Monday's $2.892, AAA said.