Crude-oil futures extended their slide Wednesday, ending at a four-year low on expectations the Organization of the Petroleum Exporting Countries won’t move to significantly cut oil production.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in January CLF5, -1.25% declined 40 cents to close at $73.69 a barrel, continuing to plumb levels last seen by a most-active contract in September 2010. January Brent crude LCOF5, -1.48% on London’s ICE Futures exchange slid 54 cents to $77.80 a barrel.
Metals trading on Wednesday, January platinum PLF5, -0.84% settled higher by $3.90, or 0.3%, at $1,228.40 an ounce, while December palladium PAZ4, +0.10% finished up by $6, or nearly 0.8%, at $801.60 an ounce.
High-grade copper for December delivery HGZ4, +0.37% settled unchanged at $2.96 a pound.
Gold prices edged down Wednesday in muted, pre-Thanksgiving trade, catching their breath after a solid advance so far this month.
December gold GCZ4, -0.60% finished down 50 cents, or less than 0.1%, at $1,196.60 an ounce, continuing to hold below the key $1,200 level. It’s up 2.1% in the month to date, having dipped just 0.1% so far in this holiday-shortened week. Meanwhile, December silver SIZ4, -1.86% settled unchanged at $16.55 an ounce.