China's reopening of borders lifts fuel demand outlook. US Crude currently trading at $76.38 a barrel.

US Crude Oil is currently trading at $76.38 a barrel. Prior to Christmas, the price of oil fell as low as $70.25 from the high of $121 back in June 2022. From a technical aspect, support below sits at $75.06 then at $74.36 then at $73.40. A break below the $73.40 price level could see the price of oil head back down towards the $70 a barrel price level. However, towards the upside, resistance sits at $77.11 (green 20-day moving average) followed by $78.32 (white 50-day moving average). A break above the 50-day moving average may see the price climb towards the $80 mark. China's reopening of borders lifted fuel demand outlook slightly offset concerns of a global recession. Additionally, China's crude oil import permissions raised hopes that Chinese buyers would boost crude purchases. Looking at the technical indicators,  MACD is negative but slightly curving towards the neutral position and RSI is neutral as it reads 47.