Brent crude falls 5.5%, NYMEX down by more than $6.5

Oil prices fell today, March 28, retreating from an eight-week high as mounting COVID-19 cases in China, the world's top crude importer, dented market confidence over fuel demand pickup.  

Shanghai began this week a two-stage lockdown to curb the latest COVID-19 outbreak.   

Meanwhile, crude is still heading for its fourth consecutive monthly gain as the Russia-Ukraine tensions turbulent global markets with fears of supply shortages.  

But the UAE vows to work with OPEC+ to ensure the stability of the global energy market, stressing that his country is doing its best and raising its production capacity to five million barrels, albeit no plans to exit the alliance, UAE Energy Minister Suhail Al-Mazrouei said on the sidelines of an energy forum today.  

Brent crude futures fell 5.45% to $114.08 a barrel at 2:45pm Makkah time.  

NYMEX crude contracts for January delivery also slipped 5.72%, or $6.52 a barrel, to $107.38 a barrel. a