U.S. consumers could see a drop in gas prices after oil tumbled below $100 a barrel on Monday.

CNN reported that oil dropped 8% to hit a low of $99.76 a barrel.

"That means oil has lost almost roughly quarter of its value since touching a near 14-year high of $130.50 a barrel on March 6," CNN's Matt Egan noted.

It is the first time oil has traded below $100 since March 1, according to the report.

"The selloff should ease fears of an energy-driven recession in the United States and, if sustained, should bring relief to drivers dealing with record gasoline prices," Egan concluded.

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