Oil prices fell to $99 a barrel today as investors worry about Japan’s economy following last week’s earthquake and tsunami.

US crude fell by $1.72 to stand at $99.44 and Brent dropped 2.4% to $111.16, reports Reuters.

US natural gas increased by 1% as analysts predicted that Japan would have to turn to LNG and other fuels to compensate for lost nuclear power generation capacity as it shut down 11 of its 50 nuclear power plants after the quake.

Authorities are working to contain the effects of two explosions that occurred at one nuclear plant.

Meanwhile, Libyan leader Muammar Gaddafi is fighting rebels to gain control of the oil town of Brega to curb unrest, which has caused the country to cut a third of its total oil output.