Skip navigation
Oil Video Gallery
The population in the Gulf region is predicted to continue to grow by a third in the next decade, according to a study f...
Discussing the markets' direction, with Sean Callow, senior currency strategist at Westpac Bank. He tells CNBC's Martin ...
The run-up in gold prices is a reflection of strong investor demand, says Peter McGuire, managing director at CWA Global...
Watchlist Sponsored By :


Current DateTime: 02:59:30 23 Nov 2009
LinksList Documentid: 24355697
  • Runway Angels

      The superbowl of fashion shows, models walk down the runway at the 2009 Victoria's Secret Fashion Show.

  • The Richest Members of the US Congress

      Recently, the Center for Responsive Politics found that there are 237 millionaires in the US Congress.

  • 10 Tips to Get Out of Debt

      Renowned financial author Gail Vaz-Oxlade takes a tough-love approach to helping couples in a financial crisis to face reality.

FEATURED QUIZZES


Current DateTime: 02:59:30 23 Nov 2009
LinksList Documentid: 33793611
  • How Much Do You Know About Green?

      Green has become part of our everyday lives. Green is everywhere-- energy, clothing, food, housing, transportation. It's a big business and a global business.

  • The Billionaire BFF's

      Philanthropists. Bridge partners. Hockey players. Which responses are based on facts from Buffett's and Gates' real lives?

  • The Many Myths of Coca-Cola

      Can you tell which statements are true, and which ones are just rumors?


Current DateTime: 02:59:30 23 Nov 2009
LinksList Documentid: 24890560
  • Winterizing Your Portfolio

      If 2009 was the winter of our discontent, will 2010 be a winter wonderland for investors? A lot depends on the recovery—or lack thereof.

  • Investor's Guide to Real Estate

      Some even say the long-awaited recovery is here. Regardless, buyers and sellers alike can profit from our guide.

  • Alternative Investing

      Stocks and bonds? Sure. But it's a big world out there for investors.

powered by digg
Wilbur Ross: Run-Up in Oil Prices Is a Bubble
By: CNBC.com with Wires | 30 Jun 2008 | 05:05 PM ET
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.

© 2009 CNBC.com
Tools:
Print EmailAdd This share icon
  • digg share

CNBC HIGHLIGHTS

  • Technology can make or break a fortune in the world of alternative energy.
  • Warren Buffett and Bill Gates discuss the economy and other subjects with CNBC's Becky Quick.
  • Many people are facing the holidays with substantially smaller incomes. Here’s how some are adapting.
  • Jim Cramer
  • Jim Cramer is a proponent of stocks that pay healthy dividends, and here are his top five dividend plays.
  • real estate signs
  • The homebuyer's tax credit jacked sales for a while, but 2010 is looking weak. Now what?
  • CNBC’s technology reporter Jim Goldman guides you through the best gadgets to buy this holiday season.
ADD COMMENTS
Remaining characters


Current DateTime: 01:36:01 23 Nov 2009
LinksList Documentid: 29778428

Current DateTime: 01:00:10 23 Nov 2009
LinksList Documentid: 29779196

Current DateTime: 01:45:44 23 Nov 2009
LinksList Documentid: 29779199

Current DateTime: 01:00:11 23 Nov 2009
LinksList Documentid: 29779198
  Data is a real-time snapshot  *Data is delayed at least 15 minutes
Global Business and Financial News, Stock Quotes, and Market Data and Analysis

© 2009 CNBC, Inc.  All Rights Reserved.
A Division of NBC Universal
Thomson ReutersThomson Reuters