Oil, grains, most metals see prices drop

Crude oil prices declined significantly Monday, with West Texas Intermediate crude for April delivery down $4.53 to close at $105.68 per barrel on the New York Mercantile Exchange after touching a new record at $111.80 per barrel earlier while May contracts for Brent crude dropped $4.45 to $101.75 on the ICE Futures Europe Exchange in London.

Nymex April gasoline dropped 19 cents to $2.50 per gallon while May heating oil was down 7 cents to $2.97 per gallon and May heating oil was 79 cents lower to $9.17 per million British thermal units.

Precious metals prices were mixed Monday as gold held on to some gains after soaring to a record high but platinum dropped more than $100 per troy ounce on easing supply concerns.

April gold was up $3.10 to $1,002.60 per troy ounce in New York after going as high as $1,033.90, a new record, but April platinum dropped $102.60 to $1,973.40 per troy ounce and May silver fell 36 cents to $20.30 per troy ounce in New York.

Among base metals, May copper was down 14 cents to $3.69, its lowest level in nearly a month while three-month copper fell $145 to $8,215 per tonne in London.

Grains prices were also lower as May corn on the Chicago Board of Trade dropped 20 cents to $5.39 per bushel, CBOT May soybeans were down 50 cents to $13.02 per bushel and May wheat fell 60 cents to $11.31 per bushel.

Story link: Oil, grains, most metals see prices drop