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Hansen: Oil’s rollercoaster ride continues

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Volatility in the oil market remains high with extreme intra-day moves this week, says Saxo Bank’s Ole Hansen. Crude oil rose 10% before plunging almost 6% after data released on Wednesday showed US inventories hit another record high.  

Ole Hansen says the outlook for oil remains uncertain. While factors such as US oil production being close to a peak could drive the price up, the recent deal with Iran to curb its nuclear programme could add to global production, driving the price down, he says.

Ole Hansen says his preferred trade would be to play the range WTI crude oil is currently trading in, looking to sell towards the USD 55 area and having a relatively wide margin on stops.