Crude oil prices “appear to have reached their peak for now,” warns Saxo Group’s Ole Hanson as he explains there are several reasons why.
Among the chief concerns putting a damper on Brent prices is an upcoming meeting between OPEC and non-OPEC producers to discuss a potential output freeze, he says. Iran is now saying it will not curb production before it has reached 4 million barrels a day.
Another factor curbing the price of Brent is renewed forward-selling on the back of the rally, which may accelerate if Brent breaks below $39, Hansen says as he sets out the levels and downside risks traders need to watch out for.
Saxo’s Ole Hanson summarizes the state of play…
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