Oil drops below $100 on reserve release, lockdowns

Oil prices dropped by $4 a barrel on Monday, with Brent crude tumbling below $100 on plans to release record volumes of crude and oil products from strategic stocks and on continuing coronavirus lockdowns in China.

Brent crude for June delivery was down $4.29, or 4.2%, at $98.49 a barrel by 1341 GMT.

US West Texas Intermediate crude lost $4.33, or 4.4%, to $93.93.

Bank of America maintained its forecast for Brent crude to average $102 a barrel for 2022-23, but it cut its summer spike price to $120. Swiss investment bank UBS also lowered its June Brent forecast by $10 to $115 a barrel.

Published in The Express Tribune, April 12^th, 2022.

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