Oil Sinks to First Quarterly Drop Since 2020 as Outlook Darkens
- China issues new batch of crude import, fuel export quotas
- OPEC+ meeting next week could further tighten supplies
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Oil shed nearly 25% to post its first quarterly loss in more than two years as escalating fears over a global economic slowdown and a stronger dollar overshadowed concerns of tightness in oil supplies.
West Texas Intermediate settled below $80 a barrel Friday, down from a high of above $100 at the beginning of the quarter. Crude has been battered by the dollar’s surge to a record over recent weeks, as central bank rate hikes darken the outlook for global growth.