Crude, metals prices decline

Crude oil prices fell slightly on Tuesday as investors took profits after recent gains to nearly $110 per barrel, but declines were held back by the news that Iran is currently testing equipment that will allow it to expand its uranium enrichment activities.

West Texas Intermediate crude for May delivery was down 34 cents to $108.75 per barrel in afternoon trade on the New York Mercantile Exchange after oscillating between gains and losses during the morning session, while Brent crude for May delivery dropped 18 cents to $106.96 per barrel on the ICE Futures Europe exchange in London.

Nymex May gasoline futures dropped 4 cents to $2.75 per gallon while May heating oil traded virtually unchanged at $3.09 per gallon and May natural gas gained 5 cents to $9.84 per million British thermal units.

Precious metals were also lower as June gold fell $9 in afternoon trade to $917.80 per troy ounce in New York while May silver was 38 cents lower to $17.73 per troy ounce and July platinum dropped $20.90 to $2,026 per troy ounce.

Among base metals, copper was lower on concerns that recent price gains will erode demand.

May copper fell 9 cents to $3.89 per pound in New York, while three-month copper dropped $132.50 to $8,557.50 on the London Metal Exchange.

Grains prices were mixed.

May wheat on the Chicago Board of Trade was 12 cents higher to $9.34 per bushel, with gains coming after Pakistan said that its wheat crop will not be as big as originally expected.

In addition, bad weather was said to be hurting some US wheat fields.

CBOT May corn was also higher, adding just over one cent to $5.91 per bushel, but May soybeans fell 3 cents to $12.51 per bushel.

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