Oil prices fall below $100 a barrel for first time since May

Is relief coming soon to a pump near you?

The price for a barrel of crude oil on Tuesday dipped below $100 for the first time since May.

West Texas Intermediate crude ended Tuesday at $99.50, dropping under the triple-digit mark for the first time since May 11.

The price of gas is also down, with the latest national average being $4.80 after peaking at $5.02 in mid-June, according to AAA.

The oil-price drop may have been sparked by fears of a recession, which would bring a decreased demand for petroleum products.

Citigroup analysts said Tuesday that the price of a barrel of crude could drop to $65 by the end of the year if there is a recession.