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Commodities close broadly lower; Oil, gold fall

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The Associated Press | November 7, 2013 05:55 PM EST | AP

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Commodities closed broadly lower Thursday, pushing the price of crude 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 fell, except for natural gas.

Wholesale gasoline fell 4 cents to $2.50 a gallon, heating oil lost 3 cents to $2.84 a gallon and natural gas gained 2 cents to $3.52 per 1,000 cubic feet.

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

Silver for December delivery fell 11.1 cents to $21.657 an ounce and December high-grade copper rose 1.15 cents to $3.2485 a pound.

December palladium fell $5.20 to $759.15 an ounce and January platinum fell $10.60 to $1,456.80 an ounce.

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.

Wheat for December delivery fell a quarter of a cent to $6.53 a bushel.

December corn fell three-quarters of a cent to $4.205 a bushel. January soybeans rose 11.5 cents to $12.665 a bushel.

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.