Oil drops to $53.99

Crude oil prices in the international market receded from its recent spurt, with the Nymex U.S. light crude oil for May delivery dipping 24 cents to close at $53.99 a barrel. The London Brent crude, however, rose marginally to settle at $53.81 per barrel.

In the metal category, the Comex gold rose 90 cents to settle at $429.50 an ounce.