Oil futures on Friday settled at their lowest in five years as the Organization of the Petroleum Exporting Countries’ decision to keep crude production the same heightened fears that the existing glut in the oil market would persist.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in January CLF5, -10.45% was off $7.54, or 10%, to settle at $66.15 a barrel on Friday.
January Brent crude LCOF5, -3.53% on London’s ICE Futures exchange fell $2.43, or 3.4%, to finish at $70.15 a barrel. That was Brent’s lowest settlement since May 25, 2010.
January platinum PLF5, -2.31% fell $17, or 1.4%, to $1,211.30 an ounce, while March palladium PAZ4, +0.98% the most actively traded contract for the metal, rose $10.80, or 1.3%, to $813.30 an ounce.
Gold prices took a dive on Friday as the market geared up for what could be the metal’s own OPEC moment — when Switzerland will vote on whether its central bank should hold more gold and bring back its other gold reserves held in places like Canada and the U.K.
December gold GCZ4, -2.60% fell $21.40, or 1.8%, to $1,175.20 an ounce, while silver SIZ4, -7.15% tumbled $1.06 cents, or 6.4%, to $15.49 an ounce. U.S. markets took a holiday on Thursday and closed early on Friday at the Chicago Mercantile Exchange.