Commodities close broadly lower; Oil, gold fall

AP News
Posted: Nov 07, 2013 5:45 PM

Commodities are closing broadly lower, pushing the price of oil down near $94 a barrel.

Benchmark U.S. crude for December delivery fell 60 cents to $94.20 a barrel in New York.

Most other energy futures also fell, except for natural gas.

December gold fell $9.30 to $1,308.50 an ounce. Silver, platinum and palladium also fell. Copper rose.

One factor driving commodities prices lower was an appreciation in the dollar, which rose against the euro after an unexpected rate cut in Europe.

Wheat and corn fell. Soybeans rose.

Coffee rose for only the second time since Oct. 15. Coffee has been sliding on worries that Brazil, Vietnam and Colombia will produce huge crops.

Raw coffee beans for December delivery rose 2.45 cents to $1.0395 a pound.