Core Insights - Crude oil prices have fallen to levels not seen since early 2021 due to a supply glut and progress in peace talks regarding the Russia-Ukraine conflict [1][7] Price Movements - Brent crude futures dropped by 2.2% to below $59.30, while West Texas Intermediate (WTI) crude fell by 2.4% to below $55.50, marking the lowest prices since February 2021 [2] - Dubai crude oil and US Gulf Coast barrels have entered contango, indicating increased downward pressure on the oil market [3] Market Dynamics - Crack spreads have tightened as prices for crude derivatives like jet fuel and gasoline have decreased, impacting overall pricing [4] - Both Brent and WTI crude are projected to experience yearly losses exceeding 20% due to oversupply, with OPEC+ increasing production significantly [5] Future Projections - Analysts from JPMorgan Chase and Goldman Sachs predict Brent prices could fall into the $50s by 2026, with potential drops into the $40s or $30s if OPEC+ does not cut production [6]