- Tiger Woods Injured in Florida Car Accident
- Dubai Stock Selloff May Bring Buying Opportunity
- Dubai Fallout Is a Correction, Not Another Crisis: El-Erian
- Dubai's Debt Woes Signal New Era for Creditors
- Longer Lines, Fuller Carts This Black Friday
- Get Paid Six Figures to Wear a T-Shirt?
- The World's Biggest Debtor Nations
- Five Tips for Buying a Foreclosed Home
- Slideshow: Fantasy Christmas Gifts 2009
- Black Friday at Best Buy
- Strategists on Dubai: Avoid 'Rash Moves' Now
- Longer Lines, Fuller Carts This Black Friday
- Dubai Stock Market Fear Has 'Legs': Dennis Gartman
- Obama's Emission Reduction Pledge Paints Future for Autos
- Is Super Bowl Halftime Act Too Old?
- Surprising Options Trades in TiVo Shares
- EA Sports Hopes to Pump Up Sales Through Pop-Up Locations
- 8 Retailers that Gain During the Holidays
MOST SHARED
- 8 Retailers that Gain During the Holidays
- Get Paid Six Figures to Wear a T-Shirt?
- Dubai Spooks Investors But May Bring Buying Opportunity
- Finding the Holiday's Best Buys
- Tiger Woods Seriously Injured in Car Accident
- Dubai Fallout Is a Correction, Not Another Crisis: El-Erian
- Longer Lines, Fuller Carts This Black Friday
- Banks Play Down Dubai Exposure, Investors Still Wary
- The Good Entrepreneur Winner
- Global Selloff From Dubai Woes Shows Signs of Winding Down
Text Size 
Oil tycoon Boone Pickens told CNBC that the price of crude oil could hit $100 a barrel by next year.
 |
Richard Drew / AP Boone Pickens |
“The trend is up, demand is up and supply is flat, so it’s got to go on up,” said Pickens, CEO of BP Capital. Still, he didn’t rule out a short-term pullback to $78 before then.
Crude oil [US@CL.1
Loading...
()
] is up nearly 20% in the last 18 trading sessions. Oil continued its upward climb above $82 on Wednesday, after crude oil inventories came in lower than expected.
Pickens was one of the first to call that the price of oil would go above $80 a barrel. While he sees that hundred dollar target in site, he added that some kind of geopolitical event might spark an immediate move upward. That scenario, he said, would send prices up and less demand in the second quarter of 2008.
With global supply at 85 million barrels a day, Pickens said the projection for the fourth quarter is 88 million barrels a day.
Supply is not going to get any better, “I wish I could give a prediction. When does price kill demand?” Pickens said that’s just to hard to call as prices have never been up at this level historically.
Print
Email
- These four sectors will be the next to lead the market.
- Zhu Zhu Pets are this year's must-have toy, fetching $40 or more on eBay.
- From the why-didn’t-I-think-of-that file, we present Jason Sadler, a man whose job is wearing T-shirts.
- It may be the most unusual guide to business you'll read.
- Shopping for a gadget hound? The choices can be baffling. Here are a few that should be a hit.
- "The Who" will be the halftime act for Super Bowl XLIV on Feb. 7 in Miami. Is the NFL behind the times?
Data is a real-time snapshot *Data is delayed at least 15 minutes