Brent crude oil fell below $100 per barrel on April 11 due to concerns about COVID-19 lockdowns lowering Chinese demand, as well as fresh supplies pouring into the market from global oil reserves. Brent oil futures were trading at $98.59 per barrel as of 16:08 coordinated universal time (12:08 p.m. Eastern time) on April 11, 2022, which is 20 percent lower than the previous peak of $123.72 per barrel on March 24. West Texas Intermediate crude oil futures were trading at $94.36 per barrel at this time. The oil market is watching the developments in China where COVID-19 lockdowns have been imposed in cities such as Shanghai, a financial center of China that’s home to about 26 million people. Similar curbs have been imposed in regions such as eastern Ningbo and southern Guangzhou. “Even when the restrictions in Shanghai are lifted, China’s zero-Covid policies will likely remain a drag on …