JPMorgan’s Malek Sees Oil Above $100 by End of Year 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.