WTI drops $4.04 per barrel; Brent also much lower

Crude oil prices declined Monday, joining most other commodities in price drops as investors took profits on recent gains.

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.

Prices were helped lower as conditions calmed in Iraq after fighting last week.

An Iraqi-born cleric in Lebanon issued a proclamation barring attacks on the infrastructure in Iraq, including a specific prohibition on oil facilities, easing worries of more attacks like that on an oil pipeline last week.

Also helping prices to decline was a general feeling among analysts that US crude oil inventories grew last week.

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.