Oil continues to bounce between its support and resistance zone but currently sits toward the lower end of this range

Crude oil continues to bounce within the green zone on the chart. Support for the commodity sits at $71.50 and $70 in extension. Towards the upside, tough resistance sits at $83. This gives the oil a good rangebound difference to give opportunities with swing trades on either to buy or sell side. At this moment the commodity is sat at the low of that zone. Supportive cases for the price include a potential slowdown of rate hikes, easing the USD, therefore helping keep oil prices more stable. It is also worth noting that China is finally easing all covid restrictions which will boost demand. Towards the downside, pressures include the global outlook in general. The western world is expecting to see lower demand. Oil prices are still contributing to higher costs of living around the world, therefore, governmetns are still trying to find the 'sweet spot' for oil where all nations are happy, unlikely as it may be, current levels seem to be acceptable.