19 August 2016 at 10:13 GMT
Saxo Bank's head of commodity strategy Ole Hansen believes oil is close to topping out .
Hansen says that oil has rallied more than 20% over the last couple of weeks and is once more trading above $50/barrel. He believes that there is a limited upside from here. Short covering is the primary reason for this, he says.
Ole Hansen does not believe that Opec will take any further action at these levels.