Baytex Energy Corp T.BTE

Will Oil revisit $70+

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If Oil does rebound Monday then we could see Oil head higher and then take another run back towards $75 here's what might drive Oil lower, for one, China cut Dec Oil Delivery and now European refiners have too much Oil and then the FED has mentioned that US Interest rates could be between 5% - 7% which will certainly send the US economy into a deeper recession and if these major developments aren't enough to push Oil lower than we have China COVID which will continue to cut into China demand on top of that the US economy is deteriorating and weekly data from the US confirms this so US Oil demand is weakening each week as FED rate hikes cut into Housing and Manufacturing. This is a global problem pushing Oil lower and losing the top 2 Oil consumers "China & US" as being bullish leaders in Oil demand is enough to justify $70+ Oil moving forward plus Oil is at 2014 high and the average over 8 yrs is between $40-$50 so $75 Oil is still well above the average. Biden would be happy to refill SPR with $72 Oil. So when Oil is back up to $85+ just remember that these issues aren't going away and will continue to add downside volatility for Oil traders to play off. I think a real eye-opener to the volatility would have Oil trading under $80 Monday as Oil continues to head toward $75 but we're all betting on having at least $80+ Oil under OPEC cuts so we'll see if Oil gaps up Sunday.

Take a look at the 10yr chart to see the possibility to further downside
Crude oil - 2022 Data - 1983-2021 Historical - 2023 Forecast - Price - Quote - Chart (tradingeconomics.com)

WTI Drops To $80 As Bearish Momentum Grows | OilPrice.com

Biden Plans To Refill The SPR When Oil Prices Fall Below $72 | OilPrice.com

European Refiners Now Have Too Much Oil | OilPrice.com