Oil Prices and Market-Disrupting CPI

I've noticed crude oil prices moving significantly again recently. Especially with the latest CPI figures out, the market seems very concerned about inflation. It makes me wonder, if the FED has to continue tightening, where will short-term oil demand go? Personally, I still think that if the global economy doesn't collapse, tight supply should still support prices. But if the economy really slows down, demand could dip further. So I'm still cautious about trading crude oil right now. I'm also keeping an eye on $KWEB as there's news China might stimulate its economy; if it recovers, we might see some demand return, but I'm still on the fence.