Commodities markets summary
Market watch top headlines
A summary of trading in key commodities markets overseas:
Oil prices sank along with the euro after the European Central Bank forecast that the eurozone would continue to contract next year and only return to growth in 2014.
New York's main contract, WTI crude for delivery in January, recoiled $US1.62 to $US86.26 a barrel.
In London trade, Brent North Sea crude for January dived $US1.78 to $US107.03 a barrel.
The falls paralleled that of the euro, which sank about 0.8 pe recent after the ECB announcements following its policy board meeting.
Base metals on the London Metal Exchange closed mostly lower after the complex tracked the euro into negative territory in European trade, with investors now looking ahead to Friday's US nonfarm payrolls reading for direction.
At the close of open-outcry trading, LME three-month copper, flagship of the complex, closed one per cent lower on the previous session's close at $US7,998 a metric ton, reversing what had been a six-day rally for the red metal.
Nickel saw the strongest declines, closing 2.1 per cent lower on the day at $US17,175/ton, its lowest prices in a week.
Tin was the only metal to close higher on the day, up 0.7 per cent at $US21,900/ton.
Gold futures rose as some investors closed out bets on lower prices ahead of Friday's closely watched US unemployment report.
The most actively traded contract, for February delivery, rose $US8, or 0.5 per cent, to settle at $US1,701.80 a troy ounce on the Comex division of the New York Mercantile Exchange.
Traders who had bet on lower gold prices during the metal's long retreat from near $US1,800 a troy ounce in early October were cashing out, said George Gero, a vice president and precious metals strategist with RBC Capital Markets, in a note.
Others were reluctant to hold large bearish bets ahead of Friday's US jobs report for November.
Gold futures have fallen for six of the last eight weeks, as investors turned their focus toward the impending set of automatic tax increases and spending cuts set to take effect in the US in January.