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Hansen: Oil needs to rally 7% before we can talk of a correction

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There's been some recovery in energy markets this Tuesday following a bounce in Asia. Saxo's Ole Hansen says that Brent has hit the important USD 30 a barrel level. But he warns that oil is not out of the woods yet.

Hansen says that both Brent and WTI need to see a rally of at least 7% before anyone can talk of a correction, illustrating just how much the market has fallen.

There has also been a large increase in speculative interest, he says, with hedge funds securing a record short position in both Brent and WTI.