Profit-taking and reports of a cease-fire in Northern Iraq sent crude futures plunging 1% in today's trading. Kurdish rebels in Turkey are reportedly close to announcing a cease-fire that could relieve pressure on oil supplies in the region. On the day, crude for November delivery closed down $1.04, or 1%, at $87.56 per barrel in its last day as the front-month contract.

Elsewhere, gold futures plunged $8.40 to close at $760 an ounce today. A rally in the U.S. dollar pressured the malleable metal lower on the session, and a steep decline in crude futures helped to extend losses. However, gold did manage to rebound from its intraday low of $751.