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Hansen: Why US inventories have become so important to oil markets

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Wednesdays are proving to be a supportive day for oil markets and that's down to US inventories. Saxo's Ole Hansen talks through the data and the tug of war between Opec and US oil producers.

Hansen notes that although inventories have fallen over the last few weeks, they are still above the five-year average. There needs to be a bigger drop in order to see the price moving up significantly.

Ole also explains why other data is important, most notably gasoline. Last week its rise had a negative impact on crude oil prices. He also says investors should keep an eye on overall production levels which are still far too high.