Rebecca Babin, US Senior Energy Trader at CIBC Private Wealth, joins Yahoo Finance Live anchor Akiko Fujita to weigh in on oil market dynamics, calling it a "tricky, tricky market" regarding supply and demand. Babin notes investors are watching China demand and surging US production.
Though supply is expected to grow at a slower pace in 2024, Babin says US suppliers were able to "pull the rabbit out of the hat" last year and surpass forecasts. While supply growth should moderate, she notes investors feel "confident" on the supply side currently.
However, Babin doesn't think oil prices have "peaked" yet. She argues people "overly" fixate on "downside risks" around China and US supply, ignoring potential demand upside. As Babin points out, oil demand was "consistently revised higher" in 2023, a trend that could persist in 2024.
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