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LONDON (AFP) - Oil prices fell below 100 dollars a barrel on Wednesday after the US government revealed that stockpiles of distillates had fallen less than expected last week in the aftermath of Hurricane Gustav.

Prices also weakened as the International Energy Agency (IEA) reduced its estimate for global oil demand this year and next.

Crude futures had risen earlier Wednesday after the OPEC oil cartel cut production by more than 500,000 barrels a day, traders said.
Brent North Sea crude for delivery in October dropped by 1.08 dollars to 99.26 dollars a barrel. Brent had gone as low as 98.89 dollars in Asian trade prior to the OPEC decision, which then sent prices higher.