Oil falls below $100 for first time since May

The price of oil fell below $100 a barrel for the first time since May even as the deteriorating security situation in Libya has raised questions about whether the country can soon increase crude exports.

Benchmark U.S. crude for August delivery fell 95 cents to close at $99.96 a barrel on the New York Mercantile Exchange. Oil is down 5 percent since the beginning of the month.