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Oil correction looms after $50 high: Hansen

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Ole Hansen, head of commodity strategy at Saxo Bank, analyses the aftermath of both WTI and Brent crude oil breaking the $50/barrel mark on Thursday.

Levels dipped before closing and ascending wedge formations can be seen on both Brent and WTI. He believes levels could dip as low as $45/barrel.

Hansen’s trade is based around the WTI July contract and you can read more details about his trade here.