Oil price goes bid on Russian and Saudi output cuts. U.S. oil reserves are at 8 month lows. Economic warfare could be heating up.

OPEC is determined to get oil above its 72 price support.  With a push and pull of government interventions ala energy price caps and the sanctions on Russian oil, manly from Europe, which is already in the throes of stagflation, despite stockpiles of natural gas and artificially low oil prices.  Waging economic war on Russia will have its consequences, in context that Russia has a lot of swing with OPEC and its dealings, although not always favorable, with Saudi Arabia in reference to oil production and profitability.  In other words, the EU and American influence on oil producing countries to abide by Russian sanctions and oil caps, is a hopeful arrogance more than not.

What is also keeping the oil price bid.  The U.S. not in recession + oil reserves are down.  

Please refer to Chart above re:  trading range 69 and 72.