Commodities: Oil up ahead of OPEC meet
Traders continued to debate whether or not OPEC will increase oil production when in meets in Abu Dhabi tomorrow, with a late rally saving the day for the black gold.
US light crude for January delivery rose 60 cents to $89.31 a barrel on the New York Mercantile Exchange, having been weaker for much of the day and down as low as $87.20 at one point.
The market has had to digest numerous comments from OPEC officials over the past few days, which have given no real clear indication which way the vote will go.
Saudi Arabia's oil minister Ali Naimi said the oil cartel's decision on oil policy was "wide open", while Venezuela are against any increase in quotas.
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On the metal markets, gold managed gains in response to last week's terrible performance as the dollar lost ground against the major currencies.
Gold for December delivery added $5.60 to $794.70 an ounce in New York. Dealers predict further volatility ahead of the year end, but believe strong fundamentals are underpinning the market.
Rising expectations that the Federal Reserve will lower interest rates again next week weighed on the dollar Monday.
Elsewhere, copper fell around 3%, but silver and platinum ended the session ahead.
