Baytex Energy Corp T.BTE

Oil drop as US supply draws fail to dispel Fed-driven gloom

[smallcaptdr]

Oil stocks finished solid and I think that investors feel that a new bullish trend looms and it's very possible that one does we've been blind-sighted before unfortunately, the market is under pressure worrying if the US & Europe are heading into a deeper recession and whenever the US economy show bullishness and resilience it works against itself so there's no imagining that the US economy will continue with tighter demand and if you took out the Oil Tankers filled for Europe the US would be swimming in Oil but how long will that last before Europe slows and with the US slowing at the same time there shouldn't be a shortage anytime soon especially if China starts to slow. Everyone knows the cloak-and-dagger stories happening right now with Oil so what next, Friday 8:30am Non-Farm Payrolls, Unemployment Rate that will set the tone for Oil because the FED will use future data for its decision and they have made it known that if the US data continues strong the market won't have to wait to guess what the FED will be doing so prepare for it to go either way. Tomorrow US Initial Jobless Claims 8:30am.  Today Oil being $1 lower was expected after yesterday's sell-off but it shows that the downtrend stays Oil took a plunge from $81 yesterday. Hope for the best and prepare for the worse.


Oil drops as U.S. supply draws fail to dispel Fed-driven gloom - BNN Bloomberg

[David01montreal]

This post has been removed in accordance with Community Policy