Oil futures slumped to their lowest close in more than four years Tuesday, as traders grew more doubtful the Organization of the Petroleum Exporting Countries will deliver meaningful` production cuts when cartel officials meet later this week. Nymex WTI crude for January delivery CLF5, +0.05% dropped $1.69, or 2.2%, to close at $74.09 a barrel, the lowest finish for a most-active futures contract since September 2010. ICE January Brent LCOF5, +0.20% dropped $1.35, or 1.7%, to $78.33 a barrel.
Gold futures settled slightly higher Tuesday, yet couldn’t hold its price above the $1,200 level that many traders have watched carefully. December gold futures GCZ4, +0.04% settled up by $1.40, or 0.1%, at $1,197.10 an ounce, after briefly punching above the $1,200 mark. Meanwhile, December silver SIZ4, +0.10% settled higher by 17 cents, or 1%, at $16.55 an ounce.
Oil futures slumped to their lowest close in more than four years Tuesday, as traders grew more doubtful the Organization of the Petroleum Exporting Countries will deliver meaningful` production cuts when cartel officials meet later this week.
