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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.
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