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Brent appears to have reached its peak for now: Hansen

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March 14, 2016 brent, commodities, commodity, data, downside, energy, freeze, iran, level, levels, longs, march 2016, oil, ole hansen, opec, prices, production, rally, renewed, risk, russia, saxo, saxo bank, saxo tv, saxo tv tradingfloor.com, saxobank, saxobank.com, saxotrader, saxotradergo, saxotv, selling, sentiment, speculative, trading, tradingfloor, tradingfloor.com, tradingfloorcom
Brent oil prices are falling after a recent rally and according to Saxo Bank’s Head of Commodity Strategy Ole Hansen there are several reasons why.

Among the chief concerns putting a damper on Brent prices is an upcoming meeting between OPEC and non-OPEC producers to discuss a potential output freeze, he says. Iran is now saying it will not curb production before it has reached 4 million barrels a day.

Another factor curbing the price of Brent is renewed selling on the back of the rally, which may accelerate if oil breaks below $39, Hansen says as he sets out the levels and downside risks traders need to watch out for.