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| FXMAG.COM

What would have to happen to take crude price back to 2020 levels of $30-40?
1. Ole Hansen (Head of Commodity Strategy at Saxo Bank):

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.

Ole Hansen

Hansen is the author of the Weekly Commodity Update, which sets out the moves in commodities, and also provides clients with commodity related trade views under the #SaxoStrats brand. He is a regular contributor to both broadcast and print media including CNBC, Bloomberg, Reuters, Wall Street Journal, Financial Times and the Telegraph.

Topics

crude oil opec crude oil price crude saxo bank us spr ole hansen

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

Table of contents

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):

Ole Hansen

Topics

Read more