Markets to Watch Today

Crude Oil: November Crude Oil fell, ending another choppy day of trading, as traders speculate on whether or not OPEC is going to cut production in an effort to bolster prices. The rumor-mill began on Thursday, as the media released reports that Nigeria will be cutting production on October 1 as part of an OPEC deal. OPEC officials quickly denied this claim, saying there were no plans to cut production anywhere at this time. Uncertainty continued on Friday, as Venezuela told OPEC it plans to cut their Crude Oil output by 50,000 barrels a day. More confusion ensued when Venezuelan president Hugo Chavez later said that oil prices between $50 and $60 were “adequate”. The conflicting statements led to another day of choppy trading for the Crude Oil contract. Early losses saw Crude Oil trade down to $61.45 a barrel in early trading. The Venezuelan reports quickly erased these losses, as November Crude Oil finished the day with a small gain. Friday’s small gain left the contract with its first weekly rise in five weeks. On Friday, November Crude Oil futures had gains of 15 cents, to settle at $62.91 a barrel.

Soybeans: Soybean futures fell on Friday, retracing much of Thursday’s gains. Overbought conditions on Thursday were the underlying factor in Friday’s sell-off. The speculative selling took control after early gains, as favorable weather conditions are expected for this season's harvest. November Soybeans fell 5 ¼ cents, to settle at $5.47 ½ a bushel.

Gold: Gold futures fell on Friday, as technical selling placed a pause in Gold’s recent recovery. A strong U.S. Dollar and a choppy session in Crude Oil helped support Friday’s selling pressure. Technical traders sold on Gold’s inability to break through the $610 mark. December Gold futures fell $6.70, to settle at $604.20 a troy ounce.