#CrudeFuturesSink Crude futures are sinking again today 📉

Current prices - June 21, 2026:

WTI: $77.99, +0.56% in last 24h but down -11.91% on the week and -19.16% this month

Brent: $80.33 as of Jun 17, down -23.26% this month

MCX India: ₹7,275/barrel, up ₹221 today but was near 3-month lows earlier fb6179b7fa4ff531

Why crude is sinking:

US-Iran deal progress: Oil fell ∼4% to 3-month lows after Trump announced an interim deal to end the Iran war and reopen Strait of Hormuz. Brent hit $79.88, WTI $76.93. Both erased war-risk premium built up since Feb 28

Supply outlook: Market is "awash with oil right now". Analysts expect a global glut next year from OPEC+ + US output increases

Demand concerns: Weak Asian demand + equity selloffs hitting energy demand. US inventories hit highest since July 2017 due to weak refinery demand

Technical pressure: WTI futures showing "Strong bearish" with RSI at 31.9, MACD bearish. Brent in technically oversold territory 3 days straight 4baf4b3b472c2e633acefb61

Key levels to watch:

Before the Iran war started Feb 28, both benchmarks were $65-$70. Citi cut Q3/Q4 2026 Brent forecasts to $75/$70 expecting Hormuz flows to normalize 4baf4b3b

But: Analysts warn sentiment ≠ supply. Strait still needs de-mining, ships need to flow, damaged facilities need repair. Oil stays ∼$10 above pre-war levels 7e58

Want me to track WTI or Brent support/resistance levels for you?