Oil is a 'broken barometer' and a 'lagging indicator of Middle East stress,' said Helima Croft, the managing director and global head of commodity strategy at RBC Capital Markets.
Investors have been spooked by the fallout from the U.S.-China trade dispute and a global economic slowdown that have resulted in a broader market selloff, said Helima Croft, managing director and global head of commodity strategy at RBC Capital Markets.A large fracking operation becomes a new part of the horizon with Mount Meeker and Longs Peak looming in the background on December 28, 2017 in Loveland, Colorado.
Investors are underestimating supply-side risks, Croft told CNBC at the Abu Dhabi International Petroleum Exhibition & Conference on Monday. "We have a market that is singularly focused on the demand side; the whole idea that Chinese demand is going to go off a cliff," said Croft, a closely-watched oil market expert.In October, crude oil imports into China rose 11.5% from a year earlier to a record high,
However, investors have been spooked by the fallout from the U.S.-China trade dispute and a global economic slowdown, leading to a broader market selloff and lackluster oil prices, Croft said.At the same time, they are also brushing off supply risks in the Middle East.which are almost unprecedented in this market. They are thinking 'well, we can get over this, we have U.S. production and we have demand worries,'" she said.current oil prices are "amazing," said Croft.
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