Commodities: US oil production set to overtake Saudi Arabia's

The commodity space continued to reel on Monday from the combination of US dollar strength and euro weakness.

Gold futures for December delivery slipped lower by $12.10 to hit $1,332.90 per ounce out on COMEX, their lowest close since January and were on track to end the month over 6% weaker.

Front month West Texas crude futures rose by 1.22 dollars to $94.57 per barrel on NYMEX but were nevertheless on course for their largest quarterly decline in over two years.

Not by coincidence, that came on the heels of the latest data from the International Energy Agency, the rich world’s oil watchdog, which showed US oil production in August, at 11.5m barrels per day, was set to overtake Saudi Arabia’s.

Three-month copper futures advanced 0.36% to $6,742 on the LME ahead of the latest batch of Chinese economic data.