FUNDAMENTALOVERVIEWOil prices have briefly fallen below pre-war levelslast week but eventually settled above the key 68.00 support zone.The big unwinding should have run its course now and wecould see a prolonged consolidation around these levels. The situation in theStrait of Hormuz is still murky but overall, there’s no real breakdown for now.The next bearish driver could be the Fed if the USdata increases tightening risk. Next week, we get the US CPI report and thatcould be a major catalyst. If we see an easing in inflationarypressures, it could translate into a more dovish view on the Fed and keep thedownside in oil prices more limited on positive risk sentiment and demandoutlook. Conversely, an upside surprise in the data will likely trigger anotherhawkish repricing in interest rate expectations and put some more pressure on oilprices. CRUDE OILTECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we cansee that crude oil fell briefly below the pre-war levels last week but couldn’textend the breakout. The price action has been mostly rangebound at the 68.00support zone. The buyers continue to step in with a defined risk below thesupport to position for a rally into the 78.00 resistance. The sellers, on theother hand, are waiting for a downside breakout to increase the bearish betsinto the 55.00 level next.CRUDE OIL TECHNICALANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, itlooks like the price is bottoming out at the support. We have a minor downwardtrendline defining the bearish structure. We can expect the sellers to lean onthe trendline with a defined risk above it to keep pushing into new lows, whilethe buyers will look for break to extend the pullback into the 73.00 levelnext.CRUDE OIL TECHNICALANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, wehave a minor upward trendline defining the current pullback. We can expect thebuyers to lean on the trendline with a defined risk below it to keep pushing intonew highs, while the sellers will look for a break to pile in for a drop intonew lows. The red lines define the average daily range for today. UPCOMING CATALYSTSTomorrow, we have the FOMCmeeting minutes. On Thursday, we get the latest US Jobless Claims figures. This article was written by Giuseppe Dellamotta at investinglive.com.