Crude Oil Price Forecast for Next Week

Crude Oil Price Forecast for Next Week (22nd - 26th June 2026)

WTI crude oil fell below $80 per barrel on Friday and headed for a weekly loss of about 8% after Israel and Hezbollah agreed to a ceasefire. The truce, if sustained, could support wider US- Iran peace efforts and ease supply fears. However, Tehran said vessels crossing the Strait of Hormuz will require mandatory insurance, reinforcing its control over the route. Shipping activity slowed after an earlier spike, though nearly 10 million barrels were seen near the strait. Iranian output will likely refill Chinese oil stockpiles, which were depleted in the last months as the world's largest importer refrained from purchasing oil to prop up prices further. The added supply is due to replenish refineries across the globe with the higher export quotas from OPEC+ stronger Gulf output, and potential sanctions relief for Iran continued to pressure prices throughout the week.

Crude oil price is heading towards the weaker closing for the second consecutive month, declined by more than -12% so far in June. Price has been rebounded marginally from the support low of 6928 and managed to settle at 7282, posted overall weekly decline of -10%. Price has broken through the neckline support of Double top formation, which was placed at 7743 in line chart and continued to trade below its all key moving averages i.e. 50, 100 and 200- DEMA levels placed at 8539, 8134 and 7363 respectively. Daily SAR also placed upside at 7854. Major support is to be considered at 100-EMA on the weekly timeframe, which is placed at 6659, and a breakout of this level will boost the downside momentum in Crude oil in the upcoming Week. The momentum indicator, RSI remained below 50 level on Daily as well as Weekly chart. Also, we can observe a bearish crossover on Weekly MACD above zero-line alongside negative histograms, suggesting an overall bearish bias in Crude oil.

We are expecting continuation of downtrend in Crude oil price if price fails to sustain over immediate support levels and traders should look for Sell-on-rise oppotunity.

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Prediction given by Technical Research Team - Choice.