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How will oil move after Opec summit? — #SaxoStrats
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Saturday’s meeting between Opec and 14 invited non-Opec members will be crucial in order to maintain bullish sentiment for crude oil, says Saxo Bank’s head of commodity strategy Ole Hansen.
Opec's November oil production reached a record 34.16 million barrels per day, according to a Bloomberg News survey.
Hansen says the summit in Vienna on December 10 will be key as to whether the rally in oil will stick or whether there will be a retracement back to the $50/barrel level.