Recession risks and the Fed are weighing on oil prices and pose a threat to OPEC, RBC's Helima Croft says
The risk of a recession in the US and the Federal Reserve are weighing on oil prices, which are posing a threat to OPEC nations, according to RBC's global head of commodity strategy Helima Croft.
"I don't think it's other producers that are the threat to OPEC, I think it's more Jerome Powell is the threat to OPEC; concerns about recession are the threat to OPEC," Croft said in an interview with CNBC on Tuesday, referring to growing fear of a downturn in the US thanks to the Fed's aggressive rate hikes.
Central bankers have hiked rates sharply in the past year to lower inflation, though interest rates that high threaten to overtighten the economy into a recession, economists warn.
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