After recent updates from Opec and the International Energy Agency, oil could stay low for longer, according to Saxo Bank head of commodity strategy Ole Hansen.

The International Energy Agency projects that a balancing of the market will not happen until late 2017. There is a big overhang of supply and a production cut seems to be the only solution on the table. But Hansen expects that a production cut would lead to market share being transferred to the US.

Hansen is looking for trading opportunities within the "low 40s to low 50s" range.