Analysts said the long run was due for a correction.

Prices simmered down from a record of $126 per barrel to $124.06 per barrel.

Oil had reached "a precarious overbought condition," commodity analyst Mike Fitzpatrick of MF Global (NYSE:MF) told The Wall Street Journal.

Heating oil prices fell 0.0038 cents to $3.556 per gallon. The price of reformulated gasoline blendstock fell 0.0027 cents to $3.1615 per gallon. Natural gas prices rose 0.002 cents to $11.303 per million British thermal units.

The price at the pump climbed to a national average record $3.718 for a gallon of unleaded, up from Sunday's price of $3.707 a gallon, AAA reported.