Oil slides on release of strategic reserves and China lockdowns | Reuters
Oil prices dropped BY more than $2 a barrel on Monday after a second straight weekly decline 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 $2.12, or 2.1%, at $100.66 a barrel by 0756 GMT. U.S. West Texas Intermediate crude lost $2.21, or 2.3%, to $96.05.
Swiss investment bank UBS lowered its June Brent forecast by $10 to $115 a barrel.
"The release of strategic government oil reserves should ease some market tightness over the coming months, reducing the need for oil prices to rise to trigger near-term demand destruction," said UBS analyst Giovanni Staunovo.
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