Oil prices are on course for their first quarterly loss since 2020, with recession fears driving prices down to an eight-month low last week. There is some upside potential for oil prices heading into the fourth quarter, with OPEC+ considering a significant production cut to support prices. The EU embargo on maritime Russian oil imports will enter into effect in December, adding to supply tightness and potentially countering demand destruction. Fears of a global recession have caused crude oil prices to fall for most of the quarter that ends today and they are likely to book their first quarterly decline since 2020, according to Bloomberg. “Oil’s poor quarter is clearly a reflection of an oil market that is losing its tightness as global recession risks surge,” Ed Moya, senior market analyst at Oanda, told Bloomberg. “Energy traders clearly expect drastic action by OPEC+.” “Amid so much uncertainty, seesaw trade […]