Oil staged a late-day rally Friday, shedding steep loses and settling in the black. 

The benchmark oil contract jumped $1.85, or 2.8%, to settle at $67.81 a barrel after spending most of the trading session lower by 3%.  Still, Oil had its worst month on record -- plunging 33% on a strengthening greenback and broad economic concerns, according to Dow Jones. 

Indeed, economic data released on Thursday by the Commerce Department showed the U.S. economy contracted by 0.3% in the third quarter, and economists are expecting a far grimmer fourth quarter.  The consumer sector is also showing signs of weakness, according to two separate reports released Friday morning. As the economy contracted, demand for energy waned, putting downward pressure on oil prices.

The Organization of Petroleum Exporting Countries, which represents countries that produce some 40% of the world’s oil, attempted to stem this demand-led decline by slashing oil production earlier this month.  The cut, however, seemingly didn’t succeed in boosting oil prices, as data have shown demand continues to fall.

Also depressing oil prices was the renewed strength of the U.S. dollar against several world currencies.  The dollar index, which tracks the dollar against a basket of currencies, recently traded higher by about 1.2%, and is up by about 6.2% for the month.  

As a result of falling energy prices, drivers are seeing some relief at the pump.  The average price for regular gas nationwide was $2.50 a gallon, down sharply from the $3.62 drivers paid last month. 

Other energy futures also had an equally tumultuous month. 

Wholesale gasoline sunk $1.04, or 42%, in October, to close the month at $1.44 per gallon.  

Heating oil was off 85 cents, or 30%, to end the month at $2.00 per gallon. 

Natural gas fared slightly better, falling 66 cents, or 9%, to close the month at $6.78 per million BTUs. 

Metals, too, were in the red for the month. 

Gold, generally seen as a refuge during volatile times, fell $157 per troy ounce, or 18%, in October. 

Silver lost $2.50, or 20%, per troy ounce during the month

Copper, which fared the worst out of the widely followed metals, dropped $1.04, or 36%, per pound in October.