Oil price is near to $100 a barrel

BRENT crude prices rose yesterday to near $99 a barrel after production shutdowns, falling US inventories and growing demand sent oil toward triple digits for the first time since 2008.

Crude gained after a US government report showed oil inventories fell for the sixth straight week, slashing supplies by nearly 27m barrels in that stretch, the biggest six-week decline since January 2008.

Oil prices have been steadily climbing since the third quarter of 2010 on signs the improving economy was spurring demand for fuel.