Crude Headed to $80s? Massive Speculative Positions vs. It’s the Economy Stupid

With the slowdown in China, and global slowdown in general, inquiring minds may be wondering “where is the price of oil headed?”
No one can answer that question with certainty, but Saxo Bank has an opinion worth considering.
Via email Steen Jakobsen, chief economist of Saxo Bank explains …

 It’s not my role to run Saxo’s official view on Crude. That job I leave to my expert Ole S. Hansen, who by the way is doing an excellent job.
This is how we see the rest of 2014 using our data:
Oil in US Dollars

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