Oil prices dropped under $99 per barrel on the New York Mercantile Exchange Monday.
June delivery West Texas Intermediate crude prices lost $1.23 to reach $98.42 per barrel. Home heating oil prices shed 2.87 cents to $2.9135 per gallon. Reformulated blendstock gasoline prices lost 7.14 cents to $3.003 per gallon. Henry Hub natural gas prices added 3.4 cents to $4.28 per million British thermal units.
At the pump, the national average price of unleaded gasoline dropped to $3.955 per gallon Monday from Sunday's $3.961, AAA said.
Analysts say the $4 per gallon mark is a tipping point, a price likely to dissuade consumers from driving, lowering demand and keeping pressure on gasoline prices.