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Hansen: Crude oil trading higher but for how long?

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Crude oil is trading a little higher this Wednesday, following a two-day slump which saw a 50% retracement of last week's rally. 

Saxo's Ole Hansen discusses the drivers for today's consolidation. The first is the potential for further verbal intervantion by Russia as the country's foreign minister travels around the Middle East. 

The second is the inventory report that's out later this Wednesday. Although the numbers are expected to rise yet again, there is hope that production may have slowed like it did last week. If this happens, Hansen notes that it could add support.