Crude fell in New York after European Central Bank President Mario Draghi failed to give details of a plan designed to shore up the euro by curbing rising government borrowing costs in the region.

Futures tumbled as much as 2.2 percent after Draghi signaled that the ECB will join forces with governments to buy sovereign bonds in sufficient quantities to remove all doubts about the future of the euro. Draghi said last week he would do whatever it takes to protect the currency, stoking speculation he would outline plans following a central bank meeting today.

Oil for September delivery fell to $86.92 a barrel on the New York Mercantile Exchange. Prices have declined 11 percent this year.

Brent crude for September settlement rose 38 cents, or 0.4 percent, to $106.34 a barrel on the London-based ICE Futures Europe exchange.