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West Texas Intermediate crude fell for a second day on speculation that U.S. supplies rose last week. Brent slipped.

WTI dropped as much as 0.7 percent. U.S. crude inventories may have increased 500,000 barrels to near the highest level for this time of year, according to a Bloomberg survey of 10 analysts before a government report tomorrow. Stockpiles at Cushing, Oklahoma, may have climbed from a five-year low, two of the analysts said.

“When you step back and consider the fundamental picture, we still have a lot of supplies,” said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut. “If we don’t continue to see tightening fundamentals, at these kinds of levels the market really has a hard time to attract new investment.”

WTI for July delivery slid 54 cents, or 0.5 percent, to $103.57 a barrel at 9:49 a.m. on the New York Mercantile Exchange. The volume of all futures was 26 percent below the 100-day average for the time of day.

Brent for July settlement fell 49 cents, or 0.5 percent, to $109.53 a barrel on the London-based ICE Futures Europe exchange. The volume of all futures was about 28 percent below the 100-day average. WTI was at a discount of $5.96 to Brent. The spread closed at $5.91 yesterday, the narrowest in six weeks.

Gold prices two months to keep the range , begin to decline : the precious metal futures in New York fell to a minimum of 15 weeks amid rising U.S. stock market to record highs .

Stocks exchange traded products (ETF), focused on gold, close to a minimum in 2009 , and investment company cut long positions in precious metals by a third compared with the peak of this year, recorded in March.

Gold loses ground won in the first quarter , when quotes rose to the maximum value for the period from 2008 to the aggravation of relations between Ukraine and Russia and winter slowing U.S. economy . Goldman Sachs Group Inc. and Societe Generale SA forecast that the precious metal , according to the results in 2013 cheapened by 28% , will continue to fall in price. Futures retreated 9.2 % of the maximum of this year, as disclosed in mid-March.

" I see no reason for the rise in price of gold - said the chief investment officer of Houston Kanaly Trust Co. James Shelton involved in managing assets for $ 2.1 billion - Investors continue to favor equities. Gold will be cheaper , unless there is a sharp jump inflation. "

In May quotes gold contracts fell by 2.4% after rising prices by less than 1 % in April, while the index Standard & Poor's GSCI Spot, reflecting the dynamics of 24 commodities rose 0.5 %. Global benchmark MSCI All-Country World since the beginning of the month rose by 1.6 % and the bonds Bloomberg Treasury Bond - 0.9%.

The cost of the June gold futures on the COMEX today dropped to $ 1257.0 per ounce.

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