Crude oil in a downtrend since early April – Saxo Bank MENA – Commodities Report

Commodities Report

• Ole Hansen, Head of Commodities Strategy, Saxo Bank

Key Points:

• Crude oil trades are near a two-month low as hedge funds sell, adding to a softer outlook.
• The geopolitical risk premium deflates as the risk of disruption remains very limited.
• Time spreads, inventory levels and lower refinery margins all point to softer fundamentals.

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