Is the Oil Crash Over? Why WTI’s $89 Channel Bounce Is Trapping the Bears

WTI Crude Oil (USOIL) is trading at $89.58 on June 1, 2026, and is trying to find a short-term bottom after several weeks of steady declines. Earlier in the spring, energy markets were heavily focused on possible supply shocks. Now, however, oil is moving into a more normal, post-geopolitical phase.