After dropping sharply along with equities last week, Crude oil prices fell under $71 per barrel in New York on Monday.

It has been reported that the dollar index rose 0.19 percent Monday as the euro fell to $1.1921 and investors turned their attention to Hungary, where an official said the government could default on its debt, a statement that was later retracted, but not before concern spread through equity and commodity markets.

After losing $3.48 on Friday, July delivery crude oil futures shed 63 cents to $70.81 per barrel on the New York Mercantile Exchange.

Heating oil prices for July lost 0.0183 cents to $1.95 per gallon.

Dropping 0.0169 cents, reformulated gasoline blend-stock prices went down to $1.978 per gallon.

It was also reported that Henry Hub natural gas prices added 0.069 cents to $4.985 per million British thermal units.

According to the reports of AAA, the national average price for unleaded regular gasoline at the pump, fell to $2.724 per gallon Monday from Sunday's $2.727. (With Inputs from Agencies)