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Why is crude oil trading weaker?: Hansen
Ole Hansen, head of commodity strategy at Saxo Bank, analyses why crude oil’s break to above $50/barrel last week ran out of steam.
One reason was the first weekly increase in oil rigs in the US since March while another reason was the first weekly rise in production also since March, which together added to negative sentiment.
Although there has been supply disruption in recent weeks to support crude oil, Hansen says prices may not go much higher in the near term
01:54 minutes
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