Oil drops on worries about lockdowns in China, release of reserves

SINGAPORE: Oil prices dropped more than $2 a barrel on Monday, following a second straight weekly decline after world consumers announced plans to release a record volume of crude and oil products from strategic stocks and as China's lockdowns continued.

Brent crude was down $2.05, or 2.0%, at $100.73 a barrel by 0620 GMT, while U.S. West Texas Intermediate crude lost $2.17, or 2.2%, to $96.09. Last week, Brent dropped 1.5% while U.S. oil slid 1%. For several weeks, the benchmarks have been at their most volatile since June 2020.