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Hansen: Where to find support as oil prices continue to fall

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Oil markets continue to trade lower this Monday, following last Friday's OPEC meeting, which left investors none the wiser.  Saxo's Ole Hansen says the fundamentals continue to look poor, but that finding support may be possible. 

He points to the number of hedge funds and money managers who have increased their short exposure to oil markets. As we get close to the lows, he says, there could be a snap rally. He says support in WTI could be found down towards the USD 38 area and in Brent towards the USD 40 area.