IEA members to release 60 mln barrels over 6 months
Chinese coronavirus lockdowns continue
U.S. producers added 13 oil rigs in week to April 8
Brent dropped 1.5 last week, while WTI dipped 1

LONDON, April 11 Reuters 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 3.93, or 3.8, at 98.85 a barrel by 1130 GMT. U.S. West Texas Intermediate crude lost 4.19, or 4.3, to 94.07.

Bank of America maintained its forecast for Brent crude to average 102 a barrel for 202223, 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 for oil prices to rise to trigger nearterm demand destruction, said UBS analyst Giovanni Staunovo.

International Energy Agency IEA member nations will release 60 million barrels over the next six months, with the United States matching that as part of its 180 million barrel release announced in March. 

The moves are aimed at offsetting a shortfall in Russian crude after Moscow was hit with heavy sanctions over its invasion of Ukraine, which Moscow describes as a special military operation.

The release of Strategic Petroleum Reserve SPR volumes equals 1.3…