WTI crude futures were trading around the $80 per barrel mark, pressured by persistent concerns over a demand-sapping global economic slowdown, while a stronger dollar supercharged the bearish momentum. The US oil benchmark is poised to decline for the fourth straight month while heading for its first quarterly loss in more than two years as markets were worried that aggressive interest rate hikes could hit the global economy and energy demand. Still, an escalating energy standoff between the European Union and Russia threatened to disrupt supply further. At the same time, weaker crude prices prompted speculation that OPEC+ could announce another production cut next week.
