Oil fell on skepticism that Spain’s bailout plan will succeed in easing the euro region’s debt crisis, which is slowing economic growth and curbing fuel use.

Futures dropped as much as 1.2 percent as equities and the euro declined in the first trading day after the bailout. Spain asked euro-region governments over the weekend for as much as 100 billion euros ($126 billion) to help shore up its banking system. Saudi Arabian Oil Minister Ali al-Naimi said OPEC needs a higher output target in an interview with the Gulf Oil Review.

Crude oil for July delivery slipped to $83.11 a barrel on the New York Mercantile Exchange. Prices have fallen 16 percent this year.

Brent oil for July settlement dropped 92 cents, or 0.9 percent, to $98.55 a barrel on the London-based ICE Futures Europe exchange.