Oil slipped from a one-month high as concern that plans to contain Greece’s debt crisis won’t be adequate caused the euro to drop against the dollar. Futures fell as much as 0.7 percent as European leaders declined to raise the region’s 440 billion-euro ($634 billion) bailout fund, prompting economists from Citigroup Inc. to Goldman Sachs Group Inc. to question whether it’s big enough to protect Spain and Italy from contagion. Euro weakness and dollar strength curb commodities’ appeal as an investment. “The movement in the euro is influencing the crude oil price as people are watching the European situation and the Greek debt crisis,” said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. Crude for September delivery declined 32 cents, or 0.3 percent, to $98.81 a barrel at 9:46 a.m. on the New York Mercantile Exchange. Prices settled at their highest level since June 14 yesterday and have increased 25 percent in the past year and are up 1.6 percent so far this week. Brent for September settlement rose 7 cents to $117.58 a barrel on the London-based ICE Futures Europe exchange. Euro-area leaders announced 159 billion euros ($229 billion) in new aid for Greece late yesterday. “The market has been boosted by Greek bailout euphoria, but even that was insufficient to move Brent above $120,” said Christopher Bellew, senior broker at Jefferies Bache Ltd. in London. The euro fell 0.6 percent to $1.4334 in New York, its first decline in four days. To contact the reporter on this story: Margot Habiby in Dallas at mhabiby@bloomberg.net. To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net.

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