The daily chart below shows that the price has been in a range since December 2022. Buyers betting on China’s reopening soon will see future demand increase and supply decrease amid geopolitical risks such as Russia-Ukraine. war and sellers are betting on a global recession as central banks tighten monetary conditions in well-connected territory to reduce demand. The $ , 70 level was the lowest before the market swung, as the US announced it would fill its strategic oil reserves (SPR) at that price. If the price breaks, we should see a rally towards the 93.75 resistance. On the other hand, a breakout could push the price to the 60 region. XTI / USD In the -hour chart below, we can see the price action in the current range more clearly. The best strategy in such an environment would be to stay away and wait for a clear break backed by a clear underlying reason to avoid a fake. But one can also „play the range” by buying at support and selling at resistance. For additional support in this area, the moving averages can wait to turn north or south before taking a position. XTIUSD From the 1-hour chart below, we can see that buyers are currently targeting resistance at 82.00. This morning we also received news that Russia will cut oil production by 500,000 BPD in March. This pushed the price up as buyers looked for less supply in the future.