Crude futures finished a volatile week by adding $1.67 per barrel to close at $95.10 per barrel. Today's gains followed yesterday's inventory-spurred drop, attributed mainly to Deutsche Bank upping its oil-price forecast in a note where the brokerage upgraded a number of oil producers. Deutsche Bank now expects to see crude futures averaging $80 per barrel in 2008. Reformulated gasoline added nearly 4 cents per gallon and heating oil advanced a little more than 4 cents per gallon.
Expiration also contributed to the rise in crude today, as the December contract expired at the end of trading, placing the January contract in the lead. January crude finished up $1.77 at $93.84 per barrel.
Turning to metals, gold futures plunged $47.70 on the week as traders rushed to lock in profits. December-dated gold finished today 30 cents lower at $787.00 an ounce. Continued weakness in the U.S. dollar versus the euro placed pressure on the malleable metal, despite the old greenback's rise again the yen. However, today's losses could have been worse, as lingering concerns about the credit crunch and uncertainty surrounding another Fed rate cut held advances in the dollar (and thus declines in gold) in check. Silver, platinum, and copper all rallied today, with palladium following gold lower.