On Monday, oil prices fell more than 4%, with Brent sliding below $100 a barrel as China’s COVID-related lockdowns weighed on-demand expectations while a coordinated large release of oil reserves alleviated supply concerns.

As of 13:05 Nigerian time on Monday, WTI Crude was down 4.80% at $93.59, while Brent Crude was down 4.50% at $98.18.

After a month and a half of exceptionally violent trading in which market participants cut their positions in crude oil futures, oil prices have now lost the majority of their gains since the start of Russia’s war with Ukraine.

Oil hasn’t been this cheap since mid-March. Early on Monday, the oil market was concerned about the prospect of demand in China, which is fighting its worst epidemic in two years with its zero-COVID policy.

Over 25,000 new infections were recorded in Shanghai, China’s financial powerhouse, over the weekend. The “zero-COVID” policy has put one of its wealthiest cities, with a population of 26 million people, on lockdown for more than a week, potentially reducing fuel demand. Authorities began to ease certain limitations on Monday.