16 June 2017 at 14:04 GMT
Oil has once again returned to the lower end of the $45-$55/barrel range. Saxo Bank’s head of commodity strategy Ole Hansen considers when it will find support.
Recent news has not been supportive with US inventories rising for a second week in a row against an expected fall, he says.
Libya and Nigeria adding barrels to production levels means that the oil production cuts by Opec, led by Russia and Saudi Arabia, are not having a significant impact, explains Hansen, adding that hard data is needed to support the market.