After hitting an intraday low of $96.50 today, January crude fell 48 cents to dock at $97.70 a barrel. The black gold's concession was mostly in the wake of rumors of a production increase by the Organization of Petroleum Exporting Countries (OPEC). The cartel is slated to meet December 5 in Abu Dhabi, where analysts believe they will increase quotas by almost 1 million barrels per day for the 4 weeks ending December 8. If so, the incline will mark the fourth straight week in mounting oil exports.
The weakening dollar, which helped to stabilize crude's losses, also gave a boost to gold futures. The malleable metal for December galloped to $826.50 an ounce, adding $1.80, after first hitting an intraday high of $832. Other metals finished mostly higher, as December silver revved up 9.5 cents and December copper gained 3.2 cents. January platinum and December palladium weren't as fortunate, with the former losing $11.90 and the latter conceding $2.40.