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Brent crude oil market analysis: Hansen
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Ole Hansen, head of commodity strategy at Saxo Bank, looks at how oil markets are consolidating after reaching a five-month high last week. Current Brent crude levels are around $44/barrel with the market’s focus switching to supply.
Hansen also says Opec members are talking up the market while at the same time increasing production, leaving non-Opec producers to rebalance the market.
In the near term, Hansen sees Brent crude oil capped to the upside but momentum remains intact.