SaxoTV

Hansen: Oil needs to rally 7% before we can talk of a correction

603 views
January 19, 2016 asia, asia growth, asian, asian markets, brent, brent crude, brent geo-political, brent price, brent spread, brent wti spread, china, china economy, china growth, china politics, china slowdown, chinese economy, commodities, commodities markets, commodities prices, commodities supply, commodities trading, commodity, commodity index, commodity investing, commodity investments, commodity market, commodity markets, commodity outlook, commodity prices, commodity strategy, commodity trade, commodity trading, commoditymarket, hedge, hedge fund, hedge funds, hedgefunds, iran, oil, oil industry, oil market, oil price, oil prices, oil production, oil supply, oil trading, saxo, saxo bank, saxo tv, speculation, speculative, trading, tradingfloor, tradingfloor.com, wti, wti and oil, wti brent, wti brent spread, wti crude, wti crude oil, wti price, wti supply, wti vs brent
There's been some recovery in energy markets this Tuesday following a bounce in Asia. Saxo's Ole Hansen says that Brent has hit the important USD 30 a barrel level. But he warns that oil is not out of the woods yet.

Hansen says that both Brent and WTI need to see a rally of at least 7% before anyone can talk of a correction, illustrating just how much the market has fallen.

There has also been a large increase in speculative interest, he says, with hedge funds securing a record short position in both Brent and WTI.