Global Oil Prices drop below $100 for the first time since March

 The Global Oil Prices have dropped by $4 barrel on Monday, with Brent Crude falling below $100 for the first time since 16 March on the announcement of the release of record volumes of crude and oil products from reserves and the ongoing coronavirus lockdown in China.

According to the Bank of America, the Brent Crude is expected to average around $102 a barrel for 2022-2023, but it cut is summer spike price to $120, while Swiss Investment Bank UBS also 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.

It is pertinent to mention that price of Brent Crude for June delivery was down $4.29, or 4.2%, at $98.49 a barrel by 1341 GMT, while U.S. West Texas Intermediate crude lost $4.33, or 4.4%, to $93.93.