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Crude oil settling into tight range — #SaxoStrats
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Liquidity and volume traditionally begin to slow down in December, but Saxo Bank’s head of commodity strategy Ole Hansen explains what could still happen before 2016 ends.
Crude oil is settling into tight range between $53.00-$56.00/barrel for the remainder of 2016, says Hansen, though support could come after the Bank of Japan’s meeting on Tuesday if the US dollar weakens against the yen.
He also said he would be keeping an eye on this week’s US inventory report to see if there is a repeat of a leap in shale oil production.