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Hansen: Which way for oil after West lifts sanctions against Iran

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January 18, 2016 OPEC, action, analysis, arabia, bank, banking, brent, capital, commodities, commodity, crude, decline, eu, european union, funds, group, hedge, iran, iranian, market, markets, oil, price, prices, russia, russian, sanctions, saudi, saxo, saxobank, saxobank.com, saxotrader, saxotradergo, saxotv, shorts, speculative, strategies, strategy, trade, trader, traders, trades, trading, tradingfloor, tradingfloor.com, tradingfloorcom, transneft, united states
Brent oil tumbled below USD 28 on news that the West has lifted its sanctions against Iran, paving the way for Iranian oil to hit the market. Focus is now on how soon Iran may be able to increase supply, says Saxo Bank's Ole Hansen.

Oil prices have seen a dramatic decline this year and are down almost 40% since OPEC met on December 4 and close to 25% this year alone. Hansen examines which way prices may go next and why just about anything could happen in a market heavily influenced by politics.