Ole Hansen: a scenario of much lower oil prices remain remote given the support from OPEC+ production cuts and the US beginning to buy back
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Recently, our team has raised the issue of crude price. FXMAG wonder if we can, by any chance, go back to 2020 levels when the black gold was trading in $30-40 range.
What would have to happen to take crude price back to 2020 levels of $30-40?
Ole Hansen (Head of Commodity Strategy at Saxo Bank):
A deep recession triggered by central banks hiking rates until economies break without getting inflation under control. However, a scenario of much lower oil prices remain remote given the support from OPEC+ production cuts and the US beginning to buy back crude oil for its strategic reserves.
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