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Video / 30 October 2017 at 10:50 GMT

Oil is above $60/barrel - but will it stick? — #SaxoStrats

Ole Hansen
Brent crude has hit 2015 highs, and Saxo Bank’s head of commodity strategy Ole Hansen asks whether or not these recent moves have peaked.

The direction is being driven by ‘old news’ of Opec’s production cut extension being likely to continue further into 2018, explains Hansen, who also looks at increased investor interest in Brent crude and WTI.
30 October
Ole Hansen Ole Hansen
The rally in Brent crude beyond $60/b has been driven by continued fund buying on a combination of improved fundamentals, OPEC/Russia's talking about extending production cuts beyond March, slower US production growth, renewed focus on the risk of supply disruptions and synchronized global growth which could lead to another year of strong demand growth.
Having reached $60 we have also reached a level which many producers would consider a satisfactory level, not least considering the potential negative impact of non-Opec producers being able to accelerate output. On that basis we view the current level as being to the higher end of the range. Momentum can easily drive a market beyond what is fundamentally justified and a continued rally above $60 would in our view represents such a development.

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