Oil Could Soon See $50 – Here’s Why: RBC Analyst
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Oil hit its lowest level in nearly a month last week, but one of Wall Street’s top commodities analysts says a recovery is on the way in 2016.
On CNBC’s “Futures Now”, global head of commodities strategy at RBC Capital Markets Helima Croft predicted that oil will rebound following a scheduled meeting between OPEC and non-OPEC members on April 17th in the Qatari capital.
“We spent an entire year with [Saudi Arabia and Russia] saying everything was fine,” explained Croft.
“Their decision to come out and even mention a freeze was a catalyst for the rally” that recently pulled crude to within view of $40, Croft said. “As we look towards the April 17 meeting, I don’t think Saudi Arabia would even show up in Doha if there wasn’t going to be an agreement.”