* Dollar rise keeps pressure on crude * US debt-budget deal still up in air * Coming up: CFTC positions report, 3:30 p.m. EDT, Friday NEW YORK, July 21 (Reuters) - U.S. crude oil futures fell in choppy trade on Friday as the dollar rose, after ending higher in the previous session on upbeat economic data. Relief about the euro zone leaders' positive action to grant Greece a second bailout package contrasted with continuing anxiety over debt and budget talks in Washington, to avoid a debt default by Aug. 2. U.S. President Obama and House Speaker John Boehner worked toward a plan that could include up to $3 trillion in spending cuts but might leave tax reform for later, congressional aides said. [ID:nN1E76K2FL] An emergency summit of leaders of the 17-nation currency area agreed a second rescue package to Greece on Thursday with an extra 109 billion euros ($157 billion) of government money, plus a contribution by private sector bondholders estimated to total as much as 50 billion euros by mid-2014. [ID:nLDE76K1AS] In reaction, world stocks hit a two-week high, while the euro and oil prices rose as the stronger than expected new rescue package for Greece allayed immediate concerns about the spread of Europe's debt crisis. [MKTS/GLOB] FUNDAMENTALS * On the New York Mercantile Exchange, crude for September delivery CLU1 was down 16 cents at $98.97 a barrel by 8:50 a.m. EDT (1250 GMT), trading from 98.83 to $99.83. * On Thursday, it settled at $99.13, highest since June 14, after hitting a session high of $100.16, the highest intraday price for front-month crude since June 10's $102.16. * U.S. crude's discount against Brent crude was at around $18.70, from $18.38 at the close on Thursday. CL-LCO1=R. * A bullish target at $101.53 per barrel has been established for U.S. oil CLc1 based on its wave pattern and a Fibonacci projection analysis, said Reuters commodities and energy technical analyst Wang Tao.[nL3E7IM03A] * Brent oil LCOc1 is biased to rise to $120.82 per barrel, as indicated by its wave pattern, Wang said.[ID:nL3E7IM03A] * Fitch ratings agency declared Greece would be in temporary default as the result of a second bailout, which Athens said had bought it breathing space. But the agency pledged to give Greece a higher, "low speculative grade" rating after its bonds had been exchanged and said Athens now had some hope of tackling its debt mountain, which most economists still expect to force a deeper restructuring in the future. [ID:nL6E7IK2V] * German Chancellor Angela Merkel is confident that the private sector will make a contribution to the Greek bailout as planned, she said on Friday. [ID:NV4E7IJ00Q] * Iran has no plans yet to cut oil exports to India over a payment dispute, the semi-official Mehr news agency on Friday quoted an oil official as saying. Iran warned India on Monday that it would stop exporting oil to India from August 1 if the seven-month-long dispute over payments of Iranian oil exports was not resolved. [ID:nL6E7IMOC5] MARKETS NEWS * U.S. stock index futures were little changed as Caterpillar's profit missed estimates, offsetting a strong report from GE and a pact on a Greece rescue package. [.N] * Gold firmed, erasing earlier losses, as reservations over this week's bailout plan for Greece and concerns over negotiations on raising the U.S. debt ceiling supported interest in the metal as a safe store of value. [GOL/] * Copper also firmed, supported by a weaker dollar against the euro, stronger investment demand, worries about supplies from Chile and receding worries about demand from top consumer China. [MET/L] UPCOMING DATA/EVENTS * ECRI Weekly Economic Index, 10:30 a.m. EDT (1430 GMT), Friday. 8:53 LAST NET PCT LOW HIGH CURRENT DAY AGO CHNG CHNG VOL VOL CLc1 98.96 -0.17 -0.2% 98.83 99.83 36,667 35,287 CLc2 99.25 -0.21 -0.2% 99.15 100.11 7,590 295,669 LCOc1 117.75 0.24 0.2% 117.47 118.35 43,009 184,004 RBc1 3.1112 0.0117 0.4% 3.1065 3.1230 776 29,924 RBc2 3.0681 0.0114 0.4% 3.0567 3.0811 2,245 37,074 HOc1 3.1100 0.0108 0.4% 3.1010 3.1207 1,669 33,735 HOc2 3.1229 0.0100 0.3% 3.1157 3.1337 3,313 37,528 * NYMEX crude oil for September CLc1 fell 17 cents to $98.96 a barrel by 8:53 a.m. in volume of 36,667 lots. (Reporting by Gene Ramos

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