Commodities prices drop on session

Crude oil prices were down again on Thursday as the dollar strengthened and as a Labor Department report on jobs reported that more first-time unemployment claims than expected were filed last week.

Also pushing prices lower was the resolution of a strike by Nigerian workers against Exxon Mobil’s (NYSE: XOM) facilities there.

At midday on the New York Mercantile Exchange, West Texas Intermediate crude for June delivery was $2.57 lower to $110.89 per barrel, while Brent crude for June delivery had dropped $2.34 to $109.02 per barrel on the ICE Futures Europe exchange in London.

Nymex June gasoline was down 7 cents to $2.84 per gallon while June heating oil was 6 cents lower to $3.10 per gallon and June natural gas had dropped 31 cents to $10.54 per million British thermal units.

Metals prices were also lower.

June gold dropped $13.90 to $851.20 per troy ounce in early afternoon trade in New York after dropping to $848.50 per troy ounce earlier.

July silver was down 36 cents to $16.23 per troy ounce while July platinum dropping $35.20 to $1,900 per troy ounce.

Among base metals, Copper was 16 cents lower to $3.74 per pound in New York while three-month copper in London was down $299 to $8,250 per tonne on the London Metal Exchange.

Grains prices were down in early afternoon trade as the stronger dollar makes US crops less attractive to overseas buyers.

July corn on the Chicago Board of Trade was down 2 cents to $6.10 per bushel and CBOT July wheat fell 20 cents to $7.81.

Soybean prices dropped significantly, falling the exchange-imposed daily maximum of 70 cents to $12.44 per bushel in late morning trade before easing back to a decline of 62 cents to $12.51 per bushel by early afternoon on the possibility that farmers in Argentina will settle their dispute over taxes and limits on exports.

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