Bob McNally of Rapidan Energy Group spoke on CNBC's "Squawk Box Asia" about crude oil and said he expects to see lower prices in April due to a collapse of demand for crude oil and an increase in supply for the commodity.
April is going to be a cruel month in terms of oversupply, and things are pretty much baked in, said McNally. He is not confident about recovery in China, as he is concerned about the reliability of the data coming from China.
On Sunday, Saudi Aramco is scheduled to announce its prices for barrels that are going to arrive in June, said McNally. He added the best hope is for a de-escalation in talks that could lead to lower production and exports in May and June.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.