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Hansen: Are we driving to new crude lows?

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A 'phenomenal' demand for gasoline over the summer is about to change as the US driving season comes to and end. And that could spell even more bad news for crude oil. WTI dropped below USD 45 per barrel on Thursday and Saxo Bank's Head of Commodity Strategy, Ole Hansen, we could still have further to fall.
However, there may be some reprieve on the horizon. Ole says crude prices in the mid-40s could soon lead to cuts in production. He sees the market stabilising by the end of the quarter.