12 August 2016 at 13:48 GMT
This week has been a rollercoaster ride in the oil markets, according to Saxo Bank head of commodity strategy Ole Hansen.
Monthly reports from EIA, IEA and Opec point towards continued delay in the rebalancing process and oil markets are unlikely to find balance until 2017. However, markets started to recover because of a verbal intervention from Saudi Arabia. This may weed out the short positions in the market.