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. U.S. West Texas Intermediate crude lost $4.33, or 4.4%, to $93.93.
Bank of America (NYSE:BAC) 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.
