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 $2.08, or 2%, at $100.70 a barrel by 0940 GMT. U.S. West Texas Intermediate crude lost $2.19, or 2.2%, to $96.07. Bank of America 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. “The release of strategic government oil reserves should ease some market tightness over the coming months, reducing the need […]