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Oil and Gold react to death of Saudi King and ECB QE

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It's been another big week for the markets as the ECB launched its large QE programme, Saudi Arabia's King Abdullah died plus there's been continuing fallout from the Swiss decision.

First oil and Saxo's Ole Hansen says the leadership change in Saudi has so far had only limited impact. Although all eyes are on whether the new king will continue with his predecessor's policies, Hansen says there's still a global oversupply of crude. He says that this week WTI inventories in the US rose by ten million barrels - the biggest rise in 14 years. He says investors have to look for the break out.

Meanwhile, Hansen says Thursday's QE announcement, which continued the dollar's rally, has put continued pressure on commodities. Gold, however, is still doing well and when priced in Euros is now trading at its highest level since April 2013.