The price of a barrel of oil as of 12:40a.m. Thursday was back down below the $100 mark.

The cost of a barrel of oil soared to $102 in the United States Wednesday, the first time since June that the price was so high, but has declined from Thursday's open as European debt fears shift from Italy to Spain.

In the United States, the price of a barrel of oil fell by almost $3 from Wednesda'ys high to $99.36.

The Brent Crude Futures Index also declined by $3, but remains above the $100 mark at $108.

The price in the U.S. may not stay below the $100 mark for very long. As oil companies are rushing and positioning to unclog a glut in oil supplies in the Midwest, oil prices could spike back up in the short term.

Yesterday's announcement that the Seaway pipeline's flow was being reversed caused the price of oil to jump. Similar announcements could create a repeat of Wednesday's price fluctuation.