West Texas Intermediate crude declined from a five-week high on speculation that U.S. inventories are sufficient to meet increasing fuel demand. Brent slipped below $110 after elections in Ukraine.

Futures fell as much as 0.7 percent in New York. U.S. crude supplies, which rose in April to the highest level since the government began publishing weekly data in 1982, are near a record for the time of year. Stockpiles at Cushing, Oklahoma, the delivery point for WTI, dropped to a six-year low in the week ended May 16. Ukraine’s President-elect Petro Poroshenko vowed to wipe out the separatists.

“There are ample crude supplies here in the U.S.,” said Phil Flynn, senior market analyst at Price Futures Group in Chicago. “The picture has been muddied because of tightness at Cushing. WTI will be under pressure because there is so much supply elsewhere.”

WTI for July delivery fell 27 cents, or 0.3 percent, to $104.08 a barrel at 10:49 a.m. on the New York Mercantile Exchange. Futures touched $104.50 for a second day, the highest intraday level since April 21. The volume of all futures traded was 12 percent below the 100-day average.

There was no floor trading in New York yesterday because of the U.S. Memorial Day holiday and electronic transactions will be booked today for settlement purposes.

Brent for July settlement decreased 11 cents to $110.21 a barrel on the London-based ICE Futures Europe exchange. Volume was 13 percent lower than the 100-day average. The range was $109.75 to $110.80. The North Sea crude traded at a $6.13 premium to WTI, compared with $6.19 at the close on May 23.

The price of gold has fallen sharply against the dollar strengthening after strong data on orders for durable goods .

Orders for durable goods rose markedly in the last month , helped by a surge in military spending and economic recovery after a harsh winter .

Ministry of Commerce announced that the seasonally adjusted volume of orders for April rose by 0.8 %, compared with an increase of 2.9 % in March. Economists had expected the value of this indicator decreased by 0.4%.

Experts note that orders for durable goods may signal about future production activities , as factories are ramping up production to meet demand , or reduce it , when orders are falling.

Most economists predict that the U.S. economy recovered during the spring of this year after a weak first quarter. Earlier this month, the Fed chief Janet Yellen said that the harsh winter behind us, and many recent indicators suggest that the recovery of costs and production is on the way , according to this , we can expect sustained growth in the current quarter .

Net import volume of China from Hong Kong gold in April 2014 amounted to 65.4 tons versus 80.6 tons in March and 75.9 tons in April last year, according to official information of Hong Kong authorities.

Gold imports to China last month fell by background cooling investment demand for the precious metal in the country, which is its largest consumer in the world.

Exports from China to Hong Kong declined to 15.4 tons from 25.3 tons a month earlier.

As analysts , reducing demand for gold in China, in India last year outstripped consumption of this precious metal , may have an impact on world prices for him, since the beginning of the year increased by 6.8%.

" Consumer demand for bars and coins in China falls as prices rise and investment in it lose their appeal ," - said analyst Shanghai Leading Investment Management Duan Shihui .

Last year , when gold fell to a record in 30 years 28% , the demand for gold jewelry in China jumped 32%.

The cost of the June gold futures on the COMEX today dropped to $ 1266.00 per ounce.

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