West Texas Intermediate crude retreated from a two-month high on speculation that prices climbed more than justified last week.

Futures dropped as much as 0.5 percent in New York after gaining 2.8 percent last week. Global equities climbed today after International Monetary Fund Managing Director Christine Lagarde said yesterday the fund is raising its outlook for the U.S. economy. An Energy Information Administration report on Dec. 15 showed that fuel demand surged in the week ended Dec. 13 while crude output was near a 25-year high.

WTI for February delivery fell 36 cents, or 0.4 percent, to $98.96 a barrel at 9:17 a.m. on the New York Mercantile Exchange. The contract rose 28 cents to $99.32 on Dec. 20, the highest close since Oct. 18. The volume of all futures traded was 70 percent below the 100-day average. Prices have advanced 7.8 percent this year.

Brent crude for February settlement slipped 3 cents to $111.74 a barrel on the London-based ICE Futures Europe exchange. The volume of all futures traded was 65 percent lower than the 100-day average. The European benchmark traded at a $12.78 premium to WTI, compared with $12.64 on Dec. 20.

The price of gold declines on concerns about further reductions in the U.S. Fed QE3 .

For the week of February futures fell 2.5%. Thus, all goes to the fact that gold is cheaper for the year for the first time in 13 years . As of Friday , gold futures for the beginning of 2013 fell by 27%.

Since the leaders of the Federal Reserve this year began signaling a possible reduction of bond-buying program , investors have to get rid of gold.

The final blow was struck on Wednesday, when the Fed announced a reduction by 10 billion dollars a month, to $ 75 billion . On Thursday futures closed at its lowest level since August 2010.

Gold prices in the coming weeks will also depend on whether it will become the largest consumers in Asia continue to consider this metal as a profitable investment after he fell .

Demand for gold bars, coins and jewelry this year flew several times when investors from Dubai to Beijing to benefit from several years of unprecedented gold prices. In recent months, this demand has grown cold , but analysts and traders said last week he showed signs of recovery .

Cost February gold futures on the COMEX today dropped to $ 1191.80 per ounce.