Crude oil remains stuck in a range and the market is drifting lower, according to head of commodity strategy Ole Hansen.

A particular driver of recent oil-market weakness is gasoline. API reports a huge 14.2 million barrel inventory build resulting in a crude oil fall, he adds. The previous three reports have all been bearish, nevertheless we've seen the market bounce. 

While we’ve seen a high rate of compliance from Opec producers, US inventories are rising and production improves.

WTI crude support is at $50.70/barrel. Short-covering is likely above $52.25/b, Hansen suggests.