Oil fell for the first time in five days as the dollar advanced against the euro and amid concern that central bankers will take insufficient action this week to bolster economic growth.

Futures dropped as much as 0.8 percent in New York and the euro weakened against the dollar as European economic confidence worsened. U.S. Federal Reserve, European Central Bank and the Bank of England policy makers are all scheduled to meet this week. ECB President Mario Draghi is holding talks with U.S. Treasury Secretary Timothy Geithner in Frankfurt today.

An index of executive and consumer sentiment in the 17- nation euro area dropped to 87.9 this month from 89.9 in June, the European Commission said in Brussels. That’s the lowest level since September 2009.

Crude oil for September delivery fell to $89.40 a barrel on the New York Mercantile Exchange.

Brent oil for September settlement declined 32 cents, or 0.3 percent, to $106.15 a barrel on the London-based ICE Futures Europe exchange.

The price of gold fluctuates on Monday after a significant growth in the last week due to the optimism caused by the promise of the European Central Bank president Mario Draghi to do everything possible to save the eurozone.

This week's ECB meeting will be held and the U.S. Federal Reserve, on which are waiting for new stimulus measures. The culmination will be August 1, 2012, when the FOMC of U.S. Federal Reserve on the basis of a two-day meeting will announce its decision on the level of the base interest rate.

The cost of the August gold futures on the COMEX is trading today in the range of 1613.1 - 1625.8 dollars per ounce.