May crude futures see price declines

Crude oil prices were lower Friday after the dollar strengthened versus the euro and as worries about Iraqi supplies faded.

May contracts for West Texas Intermediate crude was down $1.96 to $105.62 per barrel on the New York Mercantile Exchange while Brent crude for May delivery dropped $1.27 to $103.73 per barrel.

Nymex April gasoline was 3 cents lower to $2.72 per gallon while May heating oil dropped 5 cents to $2.99 per gallon but May natural gas gained 10 cents to $2.99 per million British thermal units.

Metals prices were lower on Friday.

Among base metals, May copper was down 4 cents to $3.83 per pound in New York after early gains and three-month copper dropped $85 to $8,420 per tonne in mid-afternoon trade in London.

Demand concerns drove the declines, with analysts predicting that copper prices will continue to trend downward as the year progresses.

Among precious metals, gold was down $17.50 to $936.50 per troy ounce shortly before the close of floor trade in New York on reduced demand for the metal as a hedge against inflation, while May silver was 61 cents lower to $17.94 per troy ounce and July platinum had dropped $9.80 to $2,048.80 per troy ounce.

Grains prices were mixed.

May contracts for wheat and soybeans on the Chicago Board of Trade saw price declines on predictions that farmers will plant more acres because of recent price increases.

CBOT May wheat was 24 cents lower to $9.90 per bushel while May soybeans were down 57.25 cents to $12.70 per bushel.

May corn in Chicago added 5.5 cents to $5.61 per bushel.

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