The price of oil is continuing to fall, which could mean good news at the gas pump heading into the summer travel season.

Oil fell as low at $95 a barrel Monday morning before coming back to just under $98. Over three days of trading, the price per barrel dropped about 7 percent.

Crude has declined from $110 in February amid signs oil demand may be weaker than previously expected.

The market is responding to concern about the economic crisis in Europe, as well as a slowdown in U.S. hiring. Analysts expect prices to keep falling because of these factors.

"Economic indicators both in the U.S. and Europe are taking on a more negative appearance," energy trader and consultant Ritterbusch and Associates said in a report.

Investors are also concerned political upheaval in Europe could delay economic reform and worsen the region's debt problems.