Commodities finished trading mixed amid heightened selling caused by Standard & Poor's downgrade of U.S. debt on Friday. Crude oil futures, which usually move in tandem with economic sentiment, plunged, while gold surged on safe-haven buying.
Light, sweet crude for September delivery finished down 6.4% to $81.31 a barrel. In other energy futures, heating oil was up 1.19% to $2.92 a gallon while natural gas was up 0.05% to $3.94 per million British thermal units.
Meanwhile, gold futures surged as fear of a double-dip recession gain strength and investors sought safe-haven investments where they could park cash.
Gold for August delivery finished up 3.7% to $1,713.20 an ounce. In other metal futures, silver was down 2.67% to $38.38 a troy ounce while copper traded down 2.88% to $4.11.
The US Dollar Index was up 0.29% to $74.74.