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Oil depends on Algiers: Hansen
Anticipation has heated up ahead of the Algiers oil meeting. While Russia, Libya and Nigeria have increased oil production, the hope is that Saudi Arabia and Iran will strike a deal to decrease production.
Saxo Bank's head of Commodity Strategy Ole Hansen, says that the price of oil depends on the outcome of the meeting. Hansen says that if an agreement is reached to decrease production, oil could rise to $50/b.
On the other hand, Hansen believes, that a failure in Algiers could see oil drop to $40/b.
02:46 minutes
Tags: algiers, crude oil, iran, libya oil, oil price, ole hansen commodities, ole hansen saxo bank, opec, russia, saudi arabia, saudi oil, saxotradergo, tradingfloor.com
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