Will oil be damned? Crude could fall to 32 dollars and here’s why

Crude has fallen again this Monday, having already hit a six-year low. Saxo’s Ole Hansen looks at some of the drivers behind the plummeting oil price including a contraction in Japanese growth. He also focuses on OPEC which is already producing more crude than predicted, warning that production could rise to as high as 33 million barrels a day by the start of next year. The US rig count also rose last week, adding to the price pressure. Hansen says the long position held by hedge funds was cut by 11%