Oil drops, WTI crude trades at $102

Oil drilling rigs

Oil prices continued on the downward trajectory today, March 29, with Brent crude falling more than 2%, amid demand concerns on the back of a rise in coronavirus cases.

The international benchmark Brent crude was trading down 2.26% at $109.60 per barrel, at 2.51 pm Makkah time.

West Texas Intermediate (WTI) crude fell 3.42% to $102.34 a barrel.

China – the world's largest importer of crude – is currently facing the worst COVID-19 outbreak in the past two years, testing the effectiveness of the country's strict policies to contain the spread.

Meanwhile, OPEC+ is scheduled to meet on March 31 to discuss supply policy for the month of May, amid expectations that the group will stick to its current plan and approve another modest increase in production.

Despite the decline, oil prices are still headed towards recording monthly gains after Russia’s invasion of Ukraine led to turmoil in global markets.