December crude-oil futures continued into the black yet again today, finishing at another new record high. With triple-digit territory not really that far off, black gold settled at $93.53 a barrel, up $1.67, after touching an intraday peak of $93.80. This month, oil futures have spiked 16% higher. Analysts attributed today's gains to bad weather, which caused a production stoppage in Mexico, and a falling dollar, which hit an 8-year low against the euro.
Petroleum products also managed gains in Monday's session. November natural gs hit $7.387 per million British thermal units and reformulated gasoline futures rose to $2.3274 per gallon.
Meanwhile in the metals market, gold futures approached the $800-an-ounce mark. The December contract closed with a $5.10 gain at $792.60 an ounce after tagging an intraday high of $798.30 in earlier trading. The yellow metal was supported by the combination of rising crude prices and a falling dollar. Analysts say that a little nervous liquidation could precipitate when the $800 level is approached. December silver futures settled 15 cents higher at $14.43 an ounce. Both platinum and palladium futures, however, were lower on the day.
Checking in on the indices most affected by movement in the energy and metals markets, the AMEX Gold Bugs Index (HUI) is currently up 2% and has hit a new annual high. The CBOE Gold Index (GOX) has tacked on 2.3%. The CBOE Oil Index (OIX) is 1.4% higher and the Select Sector SPDR Energy Fund (XLE) has gained nearly 0.9%.