I am sure that it does.
First of all, the human fetus does have oxygen. The oxygen is obtained from the mother's blood via the placenta. But if the fetus did not have oxygen temporarily, s/he could still metabolize glucose. This would be done the same way that other humans metabolize glucose without oxygen--by converting it to lactic acid.
The direct source of ATP for the development of a fetus is a series of chemical activities that take place in the mitochondria of fetal cells.
The mother is the "host" for the fetus until birth. All nutrition and growth support is done by virtue of the mother's umbilical cord. IT provides all oxygen and nutrition while connected.
umbilical cord
Both can damage the fetus.
placenta
A developing fetus is supplied with its needs for metabolism and growth from the mother via the placenta.
a developing fetus receives nourishment from the placenta, which is burrowed into the uterus
because the foetus gets food through placenta
oxygen and nutrition
placenta
umbilical cord
the fetus is the baby and the placenta is how the baby gets nutrients or food while in the womb, there is a tube that connects from the placenta to the fetus bellybutton
how nutrients,oxygen and waste are exchange between the fetus and the mother
The uterus is where the fetus develops and the placenta connects the uterus to the fetus.
placenta
The placenta is connected with the umbilical cord and then to the fetus.