West Texas Intermediate crude dropped to the lowest level in almost three months as the U.S. government is poised for a shutdown that may reduce demand in the world’s largest oil-consuming country.

Futures fell as much as 1.8 percent, extending this month’s loss. Congress has a day to end a stalemate that boosts the risk the government will close. A shutdown would cut fourth-quarter U.S. expansion as much as 1.4 percentage points, economists said. WTI also slipped after President Barack Obama and Iran’s President Hassan Rouhani spoke by phone on Sept. 27 the Islamic Republic’s nuclear program and the United Nations Security Council approved a plan to scrap Syria’s chemical arms.

WTI crude for November delivery decreased $1.08, or 1.1 percent, to $101.79 a barrel at 11:08 a.m. on the New York Mercantile Exchange. The contract touched $101.05, the lowest level since July 5. The volume of all futures traded was about 23 percent below the 100-day average. Prices have slid 5.4 percent this month. They are up 5.4 percent this quarter and and 11 percent in 2013.

Brent oil for November settlement fell 46 cents, or 0.4 percent, to $108.17 a barrel on the London-based ICE Futures Europe exchange. Volume was 26 percent lower than the 100-day average. The European benchmark crude was at a $6.38 premium to WTI, up from $5.76 on Sept. 27.

Gold prices are updated weekly high and back, but at the same time can show the best quarterly performance in a year. Gold rose in price because of the threat of closure of U.S. government agencies , despite the uncertain future of the Fed's incentive program .

For the third quarter of gold has risen in price by almost 9 percent due to short covering , geopolitical problems in the Middle East and weak U.S. economic indicators .

The Republican-controlled U.S. House of Representatives on Sunday approved a bill that puts government funding dependent on annual deferral proposed by President Barack Obama's health care reform . Representatives of the Democratic Party in the Senate answered that they do not miss this bill . If the law on the financing of the government will not be accepted by midnight , government agencies will be closed for the first time in 17 years .

According to analysts , the price of gold, depreciating since the beginning of the year by 20 percent, may fall to $ 1,250 an ounce by the end of the year if the Fed will announce a reduction of incentives in October , or up to $ 1,400 , if you reduce the incentives will not. The next meeting will be held October 29-30, Fed .

Experts note that the central bank will probably again leave policy unchanged , and he probably does not want to give two very different views of policy on rates during the entire 30 days.

The cost of the October gold futures on COMEX today rose to $ 1350.90 an ounce and then fell to $ 1322.00 an ounce.