(raw materials / closing price /% change)

Light Crude 94.58+0.14%

Gold 1,261.70 -0.38%

West Texas Intermediate and Brent crudes fell on speculation that U.S. refinery demand will decline as units are idled for maintenance and as the euro tumbled against the dollar.

Government data today will probably show U.S. refineries cut utilization rates by 0.4 percentage point last week, according to a Bloomberg survey of analysts. Refiners schedule maintenance for September and October as they transition to winter from summer fuels. The European Central Bank unexpectedly cut interest rates and announced a bond-buying program in an effort to bolster growth.

"WTI is coming under increased selling pressure as refiners prepare for fall maintenance, which will reduce crude demand," said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut.

WTI for October delivery dropped $1.03, or 1.1 percent, to $94.51 a barrel at 9:01 a.m. on the New York Mercantile Exchange. Futures settled at $92.88 on Sept. 2, the lowest settlement since Jan. 14. The volume of all futures traded was 33 percent above the 100-day average for this time of day. Prices have decreased 4 percent this year.

Brent for October settlement slipped 44 cents, or 0.4 percent, to $102.33 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude traded at a premium of $7.82 to WTI, up from $7.23 yesterday.

Gold prices fluctuate between growth and decline as the euro fell after the announcement of the European Central Bank plans to launch a program for the purchase of asset-backed securities and mortgage bonds.

In the eurozone, the European Central Bank lowered its benchmark interest rate to a record low of 0.05% to 0.15%, surprising most analysts do not expect any changes.

The central bank also lowered the rate on deposits of up to 0.20% to -0.10%, while the rate on margin loans - up to 0.30% from 0.40%.

Speaking at a press conference after the meeting, Draghi announced plans to launch a program for the purchase of asset-backed securities and mortgage bonds, which will begin in October.

This decision was made after the latest data showed that the annual rate of inflation in the euro area in the last month slowed to a five-year low of 0.3%. Inflation target bank is located just below 2%.

The euro fell more than 1% against the dollar and traded at $ 1.2970, its lowest level since July 2013.

Index USD, which tracks the performance of the greenback versus a basket of six other major currencies, rose 0.64% to 13-month peak of 83.48.

A strong dollar usually puts pressure on gold, as it reduces the metal's appeal as an alternative asset and increases in the price of dollar-denominated commodities for holders of other currencies.

Meanwhile, the United States Department of Labor reported that the number of initial claims for unemployment benefits rose by 4,000 to 302,000 last week. Analysts had expected the number of calls will remain unchanged.

The data came after ADP reported that the level of employment in the private sector rose by 204,000 last month, lower than expected increase in the 216000. In July, the economy grew by 212,000 jobs.

Despite the fact that these data are not considered as reliable a guide to a government report, scheduled for Friday, they still give an idea of ​​hiring in the private sector.

The cost of the October gold futures on the COMEX to date is $ 1269.50 per ounce.