"The crude oil price is relatively contained, but could break out to the upside on demand as China reopens and comes out of Covid. There are mixed signals about how quickly this will happen, however. Does this mean that there will need to be an increase of 1 or 2 million barrels per day? There are also sanctions and price caps happening against Russia. All of this uncertainty is causing the price of oil to be range-bound," says Arlan Suderman.