Oil fluctuated as Greece struggled to qualify for aid payments and amid speculation the Federal Reserve will announce measures to revive the economy this week.

Futures traded in a $1.26-a-barrel range in New York after Greek Prime Minister Antonis Samaras failed to secure agreement on spending cuts. Traders are focused on the Fed, which starts a two-day policy meeting on Sept. 12. The Fed has completed two rounds of asset purchases known as quantitative easing and may implement a third.

Oil for October delivery traded in a range $95.34 - $96,60 a barrel on the New York Mercantile Exchange. Prices are down 2.5 percent this year.

Brent for October settlement rose 66 cents, or 0.6 percent, to $114.91 a barrel on the London-based ICE Futures Europe exchange. The European benchmark was at a premium of $18.57 to New York-traded West Texas Intermediate crude, up from $17.83 on Sept. 7.

Gold prices traded with a slight change in the light of the fact that on Sunday, Athens could not agree with the "troika" of the creditors of all the measures and programs to reduce budget deficit, which is estimated at 11.5 billion euros.

The next meeting of the Prime Minister of Greece, Antonis Samaras with the "troika" of international lenders countries (European Commission, European Central Bank and International Monetary Fund) will be held on Monday.

In addition, investors are awaiting a decision of the Constitutional Court of Germany on the legality of a European stabilization fund, to be published on September 12. German court may block Germany's participation in the Stabilization Fund, from which depends heavily plan of redemption of bonds of the eurozone, released last week, the Central Bank of the currency bloc.

September futures price of gold on the COMEX is kept in the range of 1731.4 - 1733.5 per ounce.