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It's a tug-of-war for the oil price & right now no-one's winning

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A tug-of-war between over-supply and speculation is keeping oil prices moving sideways, according to Saxo Bank's Head of Commodity Strategy Ole Hansen. Ranges are tightening, and that may well give traders the sense that a move in the markets is imminent.    

WTI is trading at around USD 44.24 but both the 13 day and 20 day moving averages haven't been troubled since September. The market is attracting many investors keen to be well positioned ahead of an anticipated move upwards.

Ole Hansen brings traders up to date with the latest market conditions and outlines his thoughts on trades.