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.

The price of gold down after rising earlier in the session because of the news on the allocation of Spanish aid to overcome the problems of the banking sector.

Investors took the news with optimism that the Eurogroup endorsed the plan to grant Spain a loan of 100 billion euros to recapitalize the banking sector. At the same time on Monday, investors are paid attention to statements by German Finance Minister Wolfgang Schäuble that for the control of the Spanish banking sector reforms will create a "troika" of experts from the European Commission, European Central Bank and the IMF, similar to the missions of international lenders in Greece and Portugal.

On the eve of Prime Minister of Spain, Mariano Rahoy said that the opening of credit line for Spain thanks to reforms in the country.

The increase in gold prices in 2011 amounted to almost 10%. As a result, eleven-year period, the rising cost of metal is the longest, at least since 1920. During the first quarter of 2012 the metal rose by 6.7%, but in May the price of gold fell just 6%.

The June gold futures on the COMEX today rose to 1608.0 dollars per ounce, and then fell to 1583.0 dollars per ounce.