a continuation pattern is seen on the chart for bearish move for oil dip toward the bottom of the channel .price came back into channel after false breakout that is coincides with our elliot wave count . out targets for this bearish move is as follows tp1 :90$ tp2 :87$ tp3: 82.5$
Oil prices plunged around 2% on Friday, on expectations that supply disruptions in the U.S. Gulf of Mexico would be short-term, while recession fears clouded the demand outlook. Oil have had confusing signals this week on the outlook for oil demand. For example, this week’s US oil inventory report was an odd one, showing a massive, unexpected rise in headline stocks (bearish), but a large drop in gasoline stocks (bullish). Meanwhile, in its latest monthly report, International Energy Agency raised its 2022 oil demand growth forecast this week, citing increased demand for oil amid “switching” from gas, as prices surge. Meanwhile, in its monthly report also released this week, OPEC lowered its 2022 demand growth forecast.