Will the Bulls Defend $70 Oil?

This week in the crude oil market was a rollercoaster of price swings as bullish supply concerns clashed with bearish macroeconomic and geopolitical developments. The early week saw oil extend its gains on supply constraints from Russia and Iran, but prices reversed sharply midweek as rising U.S. inventories, a hawkish Federal Reserve, and renewed optimism about a resolution to the Russia-Ukraine war weighed on sentiment. With crude prices now struggling to hold gains, traders are questioning whether bullish momentum can be sustained or if further…