More Videos
- China: Low US Interest Rates Threaten Recovery
- Hedge Fund Billionaire Paulson Reports New Citi Stake
- White House Plans to Freeze Spending to Cut Deficit
- Cramer: 5 Earnings Reports to Watch Next Week
- Court Rejects 'Clawbacks' for Alleged Stanford Victims
- Cities With the Most Home Price Reductions
- Tax Credit Sparking First-Time Home Sales: Realtors
- Investors Cut Back US Stocks for Bigger Growth Abroad
- This Year's Biggest Thanksgiving Leftover: Cash
- U.S. Stocks Rally for the Second Straight Week
- Dollar is Not Plunging—So 'Calm Down': Market Strategist
- Strategists Say Markets Have More Upside — But How Much?
- Hirschhorn: Risk-Averse Traders
- Roginsky: A Funny Thing Happened on the Way to Financial Reform
- This Year's Biggest Thanksgiving Leftover: Cash
- TV Series Inks Unique Deal For Fight
- First Time Buyers Rescue Housing: Realtors
- Dollar General Trades Higher After Its IPO
MOST SHARED
- CNBC Video: Warren Buffett & Bill Gates - Keeping American Great
- Today's Market Action
- Has Twitter's Finest Hours (Seconds) Come and Gone?
- CNBC TRANSCRIPT: Warren Buffett & Bill Gates - Keeping America Great
- Microsoft's Bill Gates Praises Apple's Steve Jobs For 'Saving the Company'
- Israel Going Green
- China's Role as Lender Alters Dynamics for United States
- Inside Wal-Mart's Acai Berry Juice Maker
Text Size 
The dramatic rise in oil prices is a bubble, famous turnaround investor Wilbur Ross told CNBC Monday, noting that there is no apparent supply problem with crude.
While discussing his investment strategies for the second half of the year, Ross touched on his outlook for commodities.
"Remember when oil went to $70 a barrel in the so-called 'Arab Oil Crisis,' there was a shortage. There were lines at gas stations, talking about rationing. There isn't a line at any gas station anywhere in the world, so there's clearly not a physical shortage," he said.
(For the full CNBC interview with Ross, see the accompanying video.)
Oil slipped off a record high of more than $143 a barrel Monday, finally settling at $140, as weak U.S. demand countered mounting tensions between OPEC nation Iran and Israel.
U.S. light, sweet crude [US@CL.1 Loading... ()] shed 21 cents, or 0.15 percent, to finish at $140 on the New York Mercantile Exchange, off the intraday record high $143.67 hit earlier. London Brent crude [GB@IB.1 Loading... ()] also declined.
The U.S. Energy Information Administration revised down U.S. April oil demand by 863,000 barrels per day (bpd) to 19.77 million bpd — 3.9 percent below year-ago levels — as surging fuel costs erode demand in the world's top consumer.
Among major US-based oil companies, ExxonMobil [XOM Loading... ()] got a 1.83 percent lift Monday, while Chevron [CVX Loading... ()] was 1.36 percent higher.
Print
Email
- Warren Buffett and Bill Gates spoke to Columbia students, and Buffett made the students a startling offer.
- For the chief of cable company Comcast, growth has been about making deals – generally very large deals.
- Some companies may start using insurance to shift carbon risk from their balance sheets to maybe... yours?
- The president and founder of Genesis Today wants to improve America’s health, and thinks Wal-Mart can help.
- Switzerland's privacy watchdog is taking legal action to force Google to make changes to its Street View service.
- A wealthy, distracted Texas driver crashed his million-dollar Bugatti Veyron sports car into a salt marsh, say police.
Data is a real-time snapshot *Data is delayed at least 15 minutes