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.

Gold has committed a surge in prices, repeating the motion of the major currency pairs, after today's meeting at the ECB decided to leave interest rates at a record minimum of 0.75%, and the comments of the ECB.

At the outset, the head of the Central Bank said that the euro is surrounded by a high level of uncertainty, advising governments to prepare for activation EFSF / ESM in the bond market.

He also stressed that the Board of Governors may consider taking further non-standard measures and implementation of open market operations under the mandate.

However, Draghi did not mention the resumption of purchases of bonds, although the market had pinned hopes on it after the speech the head of the Central Bank last week when it announced its readiness to defend the euro by any means.

In addition, Draghi mentioned the issue of reducing rates, but the action is considered inappropriate in the current period.

The cost of the August gold futures on the COMEX today rose to 1615.0 dollars per ounce, then dropped to 1587.8 dollars per ounce and is now trading at around 1594.8 dollars per ounce.

Change % Change Last

Gold 1,603 -11 -0.71%

Oil 88.88 +0.82 +0.93%