Baytex Energy Corp T.BTE

$69 Oil....

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After overseas pounded Oil down over $3 to $66.80 with fears of their own it recovered to $68.50 for our turn at trading and Oil climbed through the day over $69 but with no real conviction limping its way there. The fact that we're still in the $60+ from 10 days ago tells me that risk is as fresh as it ever has been and it's a global worry now for the banking sector along with high-Inflation and high-Interest Rates in the US maxed out on debt is an accident waiting to happen yet the economy is resilient however any bullish US Data is now taken with a grain of salt knowing that eventually, it will erode. Next week will be light on US Data as far as Market-Sensitive goes so Oil is free to travel but first, we need a driver if it to be bullish and zero headlines dealing with the banking crises even if Oil turns bullish the idea that a landmine is just waiting to be activated will keep a lid on it. Everything is now left up to overseas and how their weekend went with Monday always being a hit or miss if you buy on Fri to hold. Oil needs to break through $72+ to stay there if it's to have any chance of heading higher. It's been a great week trading Oil and Gold stocks but cash is king.

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Crude oil - 2023 Data - 1983-2022 Historical - 2024 Forecast - Price - Quote - Chart (tradingeconomics.com)