Most commodities lower on session

Crude oil prices were lower Monday as US equities markets saw declines but had made back a portion of the losses by the close of floor trade in New York

May contracts for West Texas Intermediate crude dropped $1.46 to $51.05 per barrel at the close of floor trade on the New York Mercantile Exchange, while Brent crude was down $1.58 to $51.89 per barrel on the ICE Futures Europe exchange in London.

Nymex May gasoline futures were down 4 cents to $1.45 per gallon, while heating oil futures were almost 5 cents lower to $1.40 per gallon.

Copper prices were lower Monday on forecasts that consumption will drop by 9.2 percent this year and after an industry report showed that sentiment among US homebuilders remained low in March.

May copper was 4 cents lower to $1.96 per pound in New York, while three-month copper dropped to $4,266.50 per tonne in late afternoon trade on the London Metal Exchange.

Among precious metals, meanwhile, June gold dropped $24.50 to $872.80 per troy ounce in New York trade on lower demand as sentiment improved on the chance that the US economy will strengthen soon after Federal Reserve Chairman Ben Bernanke said last week that help provided by the Fed is beginning to free up more credit.

Meanwhile, May silver was down 63 cents to $12.11 per troy ounce.

Most grains prices were also lower on the Chicago Board of Trade, but May corn added a cent to $4.05 per bushel.

CBOT May soybeans dropped a cent to $9.94 per bushel while May wheat was down 6 cents to $5.57 per bushel in afternoon trade.

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