Stock futures lower as oil drops

* U.S. crude oil futures fell nearly 2 percent, helped by a stronger U.S. dollar, after a three-day rally lifted the price over $72 per barrel. Gold prices edged lower in Europe.

* A rally this week in commodity prices helped underpin stock prices, but some investors say much higher prices could hurt an economic recovery by increasing costs to consumers and businesses.

* Commodity prices coming off here will certainly impact the market as it's been commodity prices that have basically helped pushed the market toward these new 12-month highs, said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont. So weakness there would be a potential problem.

* U.S. Treasuries rose Friday, extending the previous session's gains after a solid auction of 30-year bonds soothed worries about demand for the massive debt.

* European stocks were down 0.2 percent, retreating from Thursday's five-month closing high, with influential commodity-related shares falling alongside oil and metal prices.

* S&P 500 futures fell 3.60 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones Industrial Average futures dropped 8 points, while Nasdaq 100 futures were off 1.75 points.

* The Reuters/University of Michigan index of consumer sentiment, due at 9:55 a.m. EDT, will be closely watched as consumers account for two-thirds of economic activity.

* June's reading is forecast to rise to 69.5 from 68.7 in May, a Reuters poll showed, indicating growing consumer confidence.

* Chinese factory output surged in May and improved Japanese output in April fueled hopes on Friday that Asia can lead a global recovery, though a record drop in euro zone industrial production showed much of Europe lagging.

* BlackRock Inc agreed to buy Barclays Global Investors to create the world's biggest asset manager in a $13.5 billion deal that British bank Barclays Plc hoped will ease concerns about its capital.

* Chip designer Rambus Inc agreed to cut royalties to settle charges brought by the European Commission, according to Friday's edition of the European Union Official Journal. Its shares rose 10 percent to $16.62 before the bell.

* U.S. stocks racked up gains across a wide array of sectors on Thursday, aided by rising commodity prices and jobless data that showed improving labor market conditions.

(Writing by Edward Krudy; editing by Jeffrey Benkoe)