Crude prices settled below $113 a barrel for the first time in over three months Monday as Tropical Storm Fay steered clear of oil-producing infrastructure in the Gulf of Mexico.

Light, sweet crude for September delivery fell 90 cents to settle at $112.87 on the New York Mercantile Exchange. It was the first time crude ended below $113 since May 1. At the pump nationwide, prices have now dropped 9 percent from the record average $4.114 per gallon for regular gas reached July 17.