Oil price stays fairly supported as the market prices in a .25% rate hike by the Fed. Energy and food inflation is beginning to creep up in 2023. Will the Fed pause?

Can the Federal Reserve whack oil down to its trading range of 69 and 72?    The mortal question has to be asked with sticky inflation which is all but imbedded into the U.S./global economy, while there are calls from commercial/investment banks that the Fed will end its rate hikes after the next .25% locked rate for May 2023.  Certainly the conundrum for markets in 2023, as the oil price seems very much supported in its current price spread of 72 and 78.

Chart above shows the oil futures over layered with the U.S. Dollar futures.  USD bids seem muted.  

The other factor to watch is *food inflation returning to its 2022/2023 highs. 

*eiu.com/n/rising-cost-of-food-defies-inflation-slowdown