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Why oil is close to topping out: Hansen
Saxo Bank's head of commodity strategy Ole Hansen believes oil is close to topping out .
Hansen says that oil has rallied more than 20% over the last couple of weeks and is once more trading above $50/barrel. He believes that there is a limited upside from here. Short covering is the primary reason for this, he says.
Ole Hansen does not believe that Opec will take any further action at these levels.
02:10 minutes
Tags: commodities, crude oil, oil, oil price, ole hansen commodities, ole hansen saxo bank, opec, saxobank.com, saxotradergo, tradingfloor.com
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