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Oil tanks...again - the 'cat and mouse' crude market explained

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The price of WTI has fallen by around 10% this week in a market that looks set to continue playing a cat and mouse game according to Saxo Bank's Head of Commodity Strategy Ole Hansen.

Inventory data has been applying weekly downward pressure while the end of week falling rig count tends to lift the price.    

A shock report from the American Petroleum Institute for the week ending February the 13th showed a massive 14.3 million barrels added to supply, way above the the expected 3.1 million barrels.     

"The market is really under pressure again and if we see it head back below USD 50 per barrel, then the next key level down is USD 48.90 per barrel," says Ole who brings us up to date with the latest trading conditions.