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Oil News: Crude Oil Futures Sink Below 200-Day Average on Oil Demand Fears

By
James Hyerczyk
Published: Jun 26, 2026, 19:48 GMT+00:00

Key Points:

  • The IEA cut global oil demand by more than 1 million barrels per day, reinforcing expectations of weaker crude consumption.
  • Crude oil futures turned sharply lower after losing 200-day moving average support, strengthening the bearish technical outlook.
  • Rising tanker traffic through the Strait of Hormuz signals recovering supply and removes much of the geopolitical risk premium.
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The crude oil market got a one-day reprieve and could not hold it. Thursday’s bounce off the 200-day moving average set up what could have been a reversal. Instead the selling came right back Friday and took both benchmarks below the levels that were supposed to hold.