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Hansen: Oil slips lower while gold looks to FOMC

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The strong dollar is again to blame for another bad week for commodities. The spot price for WTI has reached a five-week low as US inventories and production are still rising. Saxo's Ole Hansen says the weakness in WTI is expanding the spread to brent.

The brent supply, meanwhile, has appeared to normalise over the last few months. But, warns Ole, there is a threat looming. If sanctions against Iran are lifted, the country could increase its exports by one million barrels a day, pulling down the price. Hansen's advice in trading crude is to sell on rallies.

Gold has witnessed the largest number of consecutive days of losses in 42 years. But, says Hansen, it could be much worse given the strength of the dollar. All eyes are on next week's FOMC meeting.