Oil dives 4%, below $100 on reserves release, China lockdowns | Reuters

Oil dives 4%, below $100 on reserves release, China lockdowns | Reuters

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

Brent futures fell $3.82, or 3.7%, to $98.96 a barrel by 11:44 a.m. EDT (1544 GMT). U.S. West Texas Intermediate (WTI) crude fell $3.50, or 3.6%, to $94.76.

WTI was on track for its lowest close since Feb. 25, the day after Russian forces invaded Ukraine, an action Moscow calls a "special military operation."

Brent was on track for its lowest close since March 16.

To offset a shortfall in Russian crude after Moscow was hit with sanctions, International Energy Agency (IEA) member nations will release 60 million barrels over the next six months in addition to the 180 million barrels the United States said it would release. read more