Commodities and metals took a beating for the second day in a row today, with a rebounding U.S. dollar and lowered global demand for oil creating the pressure. Starting with crude, the December contract plunged 3.7% today, as the expiration of commodity options contributed a distinctly volatile mood to the session. Black gold closed on a loss of $3.45 to settle at $91.17 per barrel, marking the contract's lowest close since October 31. Crude-oil futures fell victim to some selling pressure in today's trading after a survey revealed that the Organization of Petroleum Exporting Countries lifted its crude production in October, and the International Energy Agency lowered its forecast for global oil demand.
In the metals pits, gold futures extended their losses, with the December contract slipping $8.70 an ounce to $799. It seems that traders are taking profits off the table following recent gains, as gold is pacing crude's decline on the week. On Monday, gold gave back $27 an ounce.