Oil futures declined Friday, contributing to their losses for the month and quarter as concerns over a potential recession raised expectations for a slowdown in demand. Still, oil supply will get tighter in the winter and “now that most of the crude demand destruction has been priced in, prices should stabilize going into the year-end,” said Edward Moya, senior market analyst at OANDA. November WTI crude fell $1.74, or 2.1%, to settle at $79.49 barrel on the New York Mercantile Exchange, with front-month prices still up nearly 1% for the week. For the month, prices lost 11%, and ended the quarter down almost 25%, according to Dow Jones Market Data.
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