On Monday, the price of sweet crude-oil for delivery in July dropped 24 cents, or 0.2%, to $99.98 a barrel on the New York Mercantile Exchange during Asian trading hours. The Price of bent crude oil fell by $1.09 and was traded at $114.75 at 0926 GMT, while U. S. crude fell 95 cents and was at $99.27 a barrel. July Brent crude on London's ICE Futures exchange fell $0.15 to $115.69 a barrel.

Peter Esho, Chief Market Analyst at City Index in Sydney, said that the news of decline in crude oil prices from the US is likely to affect all kinds of jobs and manufacturing data. He further added that such declines put a question mark over the U. S. economy, which is still considered as the largest market for oil consumption.

Meanwhile, it has been reported that the demand of oil in Japan, which is Asia's second largest importer after China, will remain weak due to the heavy damage to the country's manufacturing sector from the March 11, earthquake and tsunami. Market analysts believe that direct crude burning as well as rebuilding efforts will soon compensate for these losses.