It's been a wild ride for the markets this first week of January. As volatility in China's stock market weighs on investors, crude prices are threatening to tumble below $30.
The oil market doesn't have many bullish catalysts at the moment; there are fears of a declining demand in China, concerns regarding refinery maintenance and Iranian barrels are soon to hit the market, said Helima Croft, a senior strategist for RBC Capital Market.
"Do the fundamentals support oil in the $20s right now? Probably not," Croft said, speaking in an interview with CNBC's "Power Lunch" on Friday. She noted that macro-headlines could take the market anywhere.