Oil, metals, most grains see price declines

Crude oil prices declined Monday, joining most other commodities in price drops as investors took profits on recent gains, as conditions calmed in Iraq, and on analyst opinion that US oil stockpiles grew last week.

May contracts for West Texas Intermediate crude were down $4.04 to close at $101.58 per barrel although it ended the first quarter with a gain of 5.8 percent, while Brent crude for May delivery was down $3.47 to $100.30 per barrel.

Nymex May gasoline was down 9 cents to $2.63 per gallon and May heating oil was 8 cents lower to $2.91 per gallon but May natural gas gained 30 cents to $10.10 per million British thermal units on continued cold weather in parts of the US.

Metals prices declined on the day although most ended the first quarter higher.

May copper traded just half a cent lower in New York to $3.83 per pound in New York and also traded about even in London, where three-month copper was at $8,395 per tonne, or $3.81 per pound.

Precious metals were also lower, with June gold down $15 to $921.50 per troy ounce in New York while May silver was down 63 cents on the session to $17.31 per troy ounce and July platinum dropped $20.80 to $2,028 per troy ounce in New York.

Corn prices bucked the trend among commodities, with May corn on the Chicago Board of Trade adding 6.75 cents to $5.67 per barrel after the US Department of Agriculture predicted that farmers will replace corn acreage with more soybeans.

CBOT May soybeans dropped 70 cents, the maximum allowed by the exchange, to trade at $11.97 per bushel, while CBOT May wheat was also down, falling 60 cents to $9.29 per bushel.

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