Facts have proved that the pattern of US oil in the past month or so was a double top pattern. Currently, the price has fallen to its lowest level since January of this year. More importantly, the 100-week moving average has been broken. The next support level may be an important psychological level around $70, but there is also a possibility that it will fall to a low of $62.43 in December 2021. Although OPEC+ production cuts and a global reopening should stimulate oil prices, after the Russian-Ukrainian conflict has subsided, we have yet to see a real surge in oil prices. Clearly, demand is the key driver, and the hopelessness of rising demand is taking a major toll on risk optimism in the new week.