Oil prices head for first consecutive quarterly decline since 2019

Oil prices were on track for their first back-to-back quarterly loss since 2019 as persistent concerns over the demand outlook weigh on prices.

West Texas Intermediate futures traded below $70 a barrel after closing 0.4 percent higher in the previous session. The market has faced a raft of headwinds over the quarter, from China’s sluggish economic recovery to aggressive interest-rate hikes by central banks and resilient supply from Russia.

That’s culminated in a lasting bearish tone which has managed to overwhelm any optimism around supply cuts by Saudi Arabia or robust summer demand. A recent short-lived uprising in Russia also failed to spark meaningful gains.