Commodities: Crude Oil, Gasoline Decline

Crude oil drops $3.97 to $48.41 a barrel, and reformulated gasoline falls 11 cents to $1.38 a gallon.
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Updated from 2:55 p.m. EDT

Most commodities were weaker in the U.S. Monday, with the majority of agricultural futures joining energy and metals on the downside.

Crude oil dropped $3.97 to $48.41 a barrel at the New York Mercantile Exchange, and reformulated gasoline was off 11 cents at $1.38 a gallon. Heating oil lost 9 cents to $1.34 a gallon, while natural gas rose.

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Gold fell $7.60 to $917.70 an ounce, and silver was weaker by 23 cents at $13.03 an ounce. Aluminum and copper also slipped.

Cocoa, cotton and wheat rose, but frozen concentrated orange juice, soybeans, coffee and corn fell. Prices for lean hogs and cattle retreated.

The Reuters/Jefferies CRB Index gave back 7.09 points to 215.17.

On a day that the stock market overall sold off, most commodity-related stocks were sluggish, as well.

Exxon Mobil

(XOM) - Get Report

was down 1.9% at $68.63, and

Chevron

(CVX) - Get Report

lost 3.1% to $66.80.

ConocoPhillips

(COP) - Get Report

surrendered 3.3% to $39.02.

Miners

BHP Billiton

(BHP) - Get Report

and

Rio Tinto

(RTP) - Get Report

shed around 6% each, and

Freeport-McMoRan

(FCX) - Get Report

lost 8.5%.

As for exchange-traded funds, the

U.S. Oil

(USO) - Get Report

was down 6.7% at $28.70, and the

Gold Shares

(GLD) - Get Report

edged lower by 0.8% to $89.98. The

Market Vectors Agribusiness

(MOO) - Get Report

fell 5.5% to $28.12.