'Huge fears' about demand are weighing on oil markets, Helima Croft says
"We still have huge fears about demand. That is what's weighing on this market," Croft told CNBC's "Squawk Box Europe" Wednesday.
Over the last 12 months, Brent crude prices have fallen from a peak of around $84 per barrel amid fears of a repeat of rising supply and faltering demand — the same situation that precipitated a dramatic fall in oil prices from mid-2014 to 2016. Prices stabilized largely thanks to OPEC and non-OPEC producers, including Russia, agreeing a deal in late 2016 to limit production.
The next significant meeting of OPEC and non-OPEC producers will take place in December. Croft noted that current oil prices are not where most members of the oil-producing group would like them to be. Croft said that the so-called "OPEC+" alliance might be wary about deepening a cut to producton in case it exacerbates what she saw as "over-arching fears about demand" that are affecting market sentiment.
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