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Oil looks to OPEC for direction: Hansen
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Head of commodity strategy at Saxo Bank, Ole Hansen, sees oil in a wait-and-see mode ahead of today’s Opec announcement. A surprise re-introduction of a production ceiling may cause a short term blip to the upside but overall the $50 to $51 area continue to offer resistance.
Following the Opec meeting the delayed EIA Weekly Petroleum Status Report will also be watched closely. A 2.5 million-barrel drop is expected but there is some confusion because another report pointed to a rise. Traders will potentially wait for both Opec and the inventory report before taking any major trading decisions.