NEW YORK, May 3 (Xinhua) -- Oil prices fell on Friday.

The West Texas Intermediate for June delivery dropped 84 cents, or 1.06 percent, to settle at 78.11 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for July delivery lost 71 cents, or 0.85 percent, to settle at 82.96 dollars a barrel on the London ICE Futures Exchange.