West Texas Intermediate crude dropped to the lowest level in more than a week as falling demand boosted fuel inventories amid concern that the Federal Reserve will curb stimulus.

Prices slid as much as 1.1 percent. Stockpiles of gasoline and distillate fuels, including diesel and heating oil, jumped the most last week since Jan. 4, the Energy Information Administration reported on Dec. 11. The Fed will start slowing its monthly bond purchases at its Dec. 17-18 meeting, according to 34 percent of economists surveyed Dec. 6 by Bloomberg, an increase from 17 percent in on Nov. 8.

“Demand is weak and if we don’t see it become stronger, the market will come under pressure,” said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut. “Products are being put into storage, basically driving the market lower. The market is concerned about Fed tapering.”

WTI for January delivery declined 84 cents, or 0.9 percent, to $96.66 a barrel at 10:07 a.m. on the New York Mercantile Exchange. The volume of all futures traded was 3.2 percent below the 100-day average. Futures are down 1 percent this week. Prices increased $6.98 between Nov. 27 and Dec. 11, based on intraday prices.

Brent for January settlement, which expires on Dec. 16, dropped 29 cents, or 0.3 percent, to $108.38 a barrel on the London-based ICE Futures Europe exchange. The more-active February contract traded 38 cents lower at $108. The European benchmark crude was at a $11.72 premium to WTI, compared with $11.06 yesterday.

Gold prices rose after nearly 3 percent decline in the previous two sessions, but growth may be unstable due to expectations the Fed reduce the incentives and outflows from exchange-traded funds .

Gold cheaper for the year for the first time in 13 years as investors , inspired by the growth of the world economy, prefer riskier assets .

U.S. retail sales in November rose more than expected , which increases the possibility of folding ongoing Fed bond buying program in the near future . Some analysts believe that the central bank will announce the reduction of incentives at a meeting next week.

Experts note that the growth of the labor market and changes in monetary policy will push down the gold market .

Reduced prices on Thursday brought new buyers to the Asian markets , and the >