In order to get back to $50 per barrel, oil prices could face a long, onerous process of erasing oversupply, commodities specialist Helima Croft said Thursday. But she added an upcoming OPEC meeting might provide some hope.
"We still have a supply overhang," said Croft, global head of commodity strategy at RBC Capital Markets. "We still have these concerns over inventory levels, so we do want to watch what comes out of the April 17 OPEC, non-OPEC meeting."
OPEC producers and nonmembers of the cartel will be gathering in Qatar to discuss an output freeze, even as Iran seeks to pump more crude after the U.S. and other world powers lifted sanctions in January.
Croft told CNBC's "Worldwide Exchange" that the mere acknowledgement from international stakeholders that low oil was a problem helped spark the recent rally, which saw crude bounce 40 percent since the Feb. 11 bottom below $30 per barrel.
"It was the first time you had big producers saying 'We're not so good in this oil price environment,'" she said.