Prices of crude oil futures went down by 4% on Monday amid supply worries prompted by the release of oil from strategic reserves of both the United States and other International Energy Agency members. And China lockdowns affecting the demand side, the investors were seemingly worried by the COVID-19 containment measures in China, and the lockdowns’ impact on Beijing’s oil imports. 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. The market has been watching developments in China, where authorities have kept Shanghai, a city of 26 million people, locked down under its zero tolerance for COVID-19. China is the world’s biggest oil importer. Member nations of the International Energy Agency (IEA) will release 60 million barrels over the next six months, with the United States matching that amount 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 following its invasion of Ukraine.