Commodities: US dollar strength weighs on crude oil, gold futures

Commodities came under pressure again at the end of last week as the greenback extended its gains into a fifth session, with Bloomberg's spot dollar index finishing slightly higher last Thursday at 96.142 points.

Going in the opposite direction, over the week the Bloomberg Commodity Index put in its worst showing in two months, slipping 0.41% on the day at 159.82.

That came as a renewed fall in the US oil rig count failed to spark a bid in crude oil energy quotes.

The US oil rig count fell 15 to 372, according to the latest weekly tally from driller Baker Hughes - the least since late 2009.

Despite that, front month West Texas Intermediate crude oil futures slipped 27 cents to end at $39.46 per barrel on NYMEX.

Acting as a backdrop, the president of the Federal Reserve bank of Dallas, James Bullard, reiterated that an April rate hike from the Federal Reserve should be on the table.

However, in remarks made to Bloomberg in the previous session he had added that officials might not have enough additional data on the US economy to persuade them to make a move when they next meet.

Gold futures were predictably lower as well, dipping 0.17% to end at $1,223.50 per ounce on the COMEX.

Spot copper prices slid 2.6% to finish at $4,930.50 per metric tonne on the LME.

Out in the agricultural space, corn futures for delivery in May 2016 ended the day up by 0.41% to $370 per bushel on the Chicago Board of Trade.

Cotton futures on the ICE ended down 1.15% at $57.72 per pound.