West Texas Intermediate tumbled more than $2 a barrel following declines in metals on speculation that a commodity fund is selling positions. Oil also decreased after gasoline futures slid for a second day from the highest level since September. U.S. oil supplies probably rose 2 million barrels through Feb. 15 as domestic production increased, according to a Bloomberg survey before a government report tomorrow.

U.S. crude supplies probably rose 0.5 percent to 374.2 million barrels last week, according to the median estimate of 11 analysts surveyed by Bloomberg. It would be the longest streak of increases since May.

The Energy Information Administration, the Energy Department’s statistical arm, is scheduled to release its weekly report at 11 a.m. tomorrow in Washington, one day later than normal because of the Presidents Day holiday on Feb. 18.

WTI for March delivery, which expires today, dropped to $93.92 a barrel on the New York Mercantile Exchange.

Brent for April settlement dropped $1.60, or 1.4 percent, to $115.92 a barrel on the London-based ICE Futures Europe exchange.

Today, gold prices confirmed break below the level of $ 1,600 an ounce for the first time since mid-August. In anticipation of the FOMC minutes precious metal is trading lower, although in the case declared the monthly purchases of bonds worth $ 85 billion may put pressure on prices. Investors are waiting for the publication of minutes of the last meeting of the U.S. Federal Reserve, to assess the attitude of the central bank to its policy, which helped gold to rise in recent years.

Gold cheaper in recent days due to better economic performance in Europe and the U.S. and rising stock markets.

Stocks of the largest gold-exchange-traded fund (ETF) SPDR Gold Trust on Tuesday fell more than 3 tons to 1.319,964 tons - the minimum level in nearly five months.

April futures price of gold on COMEX today dropped to 1577.50 dollars per ounce.

Change % Change Last

Oil $95.34 -1.27 -1.30%

Gold 1,608.00 -1.50 -0.09%