Oil prices drop on world markets

Oil prices slid 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 lockdowns continued, News.Az reports

Brent crude was down $2.32, or 2.3%, at $100.46 a barrel by 0427 GMT, while U.S. West Texas Intermediate crude lost $2.37, or 2.4%, to $95.89. 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.

News.Az