Crude oil prices “appear to have reached their peak for now,” warns Ole Hansen, Head of Commodity Strategy, Saxo Bank. (Click on the video below).
Brent struggling to get above USD41.
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 USD39, Hansen says as he sets out the levels and downside risks traders need to watch out for.