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Oil drops below $100 on reserves release and China lockdowns

IEA members to release 60 mn barrels over 6 months; US producers added 13 oil rigs in week to April 8

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Brent crude for June delivery was down $3.93, or 3.8%, at $98.85 a barrel by 1130 GMT. U.S. West Texas Intermediate crude lost $4.19, or 4.3%, to $94.07

Reuters London

3 min read Last Updated : Apr 11 2022 | 5:46 PM IST

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 $3.93, or 3.8%, at $98.85 a barrel by 1130 GMT. U.S. West Texas Intermediate crude lost $4.19, or 4.3%, to $94.07.

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

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Topics : Coronavirus Lockdown Omicron Crude Oil Prices China IEA Shanghai United States

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