West Texas Intermediate slid from the highest closing price in two weeks amid slowing economic growth and weaker industrial output in China, the world’s second-biggest oil consumer.

Futures lost as much as 0.9 percent in New York. Factory production rose by 9.7 percent in December, the slowest expansion in five months, according to China’s National Bureau of Statistics. Iran’s Atomic Energy Organization chief welcomed the start of the implementation of an interim nuclear deal with world powers that will see the Gulf state curb its atomic program in exchange for sanctions relief.

WTI for February delivery fell as much as 81 cents to $93.56 a barrel in electronic trading on the New York Mercantile Exchange and was at $93.90 as of 9:42 a.m. local time. The contract, which expires tomorrow, climbed 41 cents to $94.37 on Jan. 17, the highest close since Jan. 2. The more-active March future was down 41 cents at $94.18. Floor trading is closed for a U.S. holiday and transactions will be booked with tomorrow’s trades.

Brent for March settlement dropped as much as 38 cents to $106.10 a barrel on the London-based ICE Futures Europe exchange. The volume of all contracts traded was about 40 percent below the 100-day average. The European benchmark crude was at a $12.25 premium to WTI for the same month.

Gold peaked at nearly six weeks amid signs of increasing demand , as the volume of positions in the largest gold exchange-traded funds has grown most rapidly since 2011.

On the backdrop of uneven U.S. economic recovery precious metals market is experiencing the longest rally since September.

The volume of assets in the largest gold exchange-traded fund SPDR Gold Trust rose 0.9 % as of January 17 , and it's the strongest gain since November 2011 . Index increased by 7.5 metric tons to 797.05 tons.

In the past year the price of gold fell biggest rate since 1981 , but now prices are rising because of the signs of strong physical demand .

Over the last four weeks gold has risen in price by 4.2 % after a 28 % decline in the past year due to growing optimism about the global economy .

Analysts say that gold has support growth in physical demand in China on the eve of the New Year according to the lunar calendar , when the great demand gold ornaments.

Premiums for gold 99.99 fine in China fell to $ 14 per ounce to $ 17 on Friday . In the past year, China has overtaken India consumption of gold, making it the largest consumer in the world. According to the National Statistical Bureau of China, jewelry sales in December rose 17 percent to 26.8 billion yuan ( $ 4.43 billion) , and in 2013 - by 26 percent to 295.9 billion yuan ( $ 48.91 billion) .

Cost February gold futures on the COMEX today rose to $ 1262.00 per ounce.