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Oil market 'oversupplied' by US: Pickens

Although T. Boone Pickens says he is "no fan" of the Organization of the Petroleum Exporting Countries, the current situation in oil is out of its control, he wrote during a question-and-answer session on Twitter.

Instead, the billionaire oil tycoon placed the blame on the U.S., saying that the oil market is "oversupplied" by the country. In recent months, oil prices have nosedived, pressured by a glut in supply.

So what signs should investors look for as they gauge a potential bottom in oil?

The number of oil drilling rigs operating, among other factors, could prove an indicator of when oil prices will bottom, Pickens wrote.

Pickens also shared his thoughts on the merger and acquisition market, U.S. economy, hydraulic fracturing and sports.