Oil on its way to further pains to the down side.

Oil is being pushed hard to the down side, with the global trade dispute continuing between the US and China, Market worries is increasing of an overall Global Economic slow down which will affect the demand for the crude oil, which will cause prices to drop.
Also with the US crude oil inventories rising week on week, posting last week an increase of around 6.8 Million barrels A bearish move is likely to continue.
we can see from the chart that price has broken a channel that has been trading and respecting since almost SEP 2017, the break will likely bring prices down to target 60.00.
It might find some support from the 200 EMA which is resting around the 64.00, and with trade talks announced to continue between the US and China at the end of August and also the sanctions which will be reinstated on Iran (one of the biggest Oil producers in the world) might help support the price, since with Iran out of the picture, it would affect the global supply.