One commodity is surging, but it's not a metal

While gold and copper slipped 1% and 3.5% respectively this week, oil is gaining, noted mining audiences manager Michael McCrae.

On Saturday McCrae recorded Kitco Roundtable with correspondent Paul Harris.

Copper prices dropped 3.5% this week to finish at the low $3.70 level. Gold trended downward this week, with prices falling around 1% after the Labor Day holiday finishing the week at $1,919 an ounce.

But oil is surging. On Tuesday Brent crude saw $90 a barrel for the first time since November, a 10-month high. Oil gained on news that Russia and Saudi Arabia committed to reducing production over a longer period of time.