SaxoTV

Hansen: Crude oil trading higher but for how long?

568 views
February 03, 2016 brent, brent crude, brent geo-political, brent price, brent spread, brent wti spread, commodities, commodities markets, commodity, commodity market, commodity outlook, commodity prices, commodity strategy, commodity trade, commodity trading, crude, crude oil, crude oil price, crude oil prices, crude price, crude prices, crude spread, crudeoil, inventories, investment, oil, oil and gas, oil commodities, oil demand, oil industry, oil market, oil markets, oil news, oil price, oil prices, oil production, oil spread, oil stocks, oil supplies, oil supply, oil trading, opec, opec intervention, opec meeting, opec price, russia, russia oil, russian, russian economy, russian politics, saudi, saudi arabia, saudi oil, saxo bank, saxo tv, trading, tradingfloor.com, us, us economy, wti, wti and oil, wti brent, wti brent spread, wti crude, wti crude oil, wti crude prices, wti price, wti supply, wti vs brent
Crude oil is trading a little higher this Wednesday, following a two-day slump which saw a 50% retracement of last week's rally. 

Saxo's Ole Hansen discusses the drivers for today's consolidation. The first is the potential for further verbal intervantion by Russia as the country's foreign minister travels around the Middle East. 

The second is the inventory report that's out later this Wednesday. Although the numbers are expected to rise yet again, there is hope that production may have slowed like it did last week. If this happens, Hansen notes that it could add support.