Skip navigation
Oil Video Gallery
Inside the market rally, with Tony Dwyer, FTN Equity Capital Markets; Linda Duessel, Federated Investors; and CNBC's Bil...
CNBC's Sharon Epperson discusses the day's activity in the commodities markets, and looks ahead to where oil is likely h...
Insight on retail, with James Glassman, JP Morgan chief economist and CNBC's Jane Wells.
Watchlist Sponsored By :


Current DateTime: 10:57:05 09 Nov 2009
LinksList Documentid: 24355697

FEATURED QUIZZES


Current DateTime: 10:57:05 09 Nov 2009
LinksList Documentid: 33793611

Current DateTime: 10:57:05 09 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

  • Do free market libertarians really believe what they say about ethics and shareholder value? The Big Money takes a look.
  • Jim Cramer
  • Cramer did the research and found eight stocks that lead the pack. Read on to get his top picks.
  • On the anniversary of the fall of the Berlin Wall, many in the former Eastern Bloc recall communism fondly.
  • Gavel
  • Software, biotech firms, even banks are watching a particular Supreme Court argument today.
  • From politicians to CEOs to companies, here's your chance to vote for the winners and losers of 2009.
  • A new sinister Internet viruses can turn you into an unsuspecting collector of child pornography.
ADD COMMENTS
Remaining characters


Current DateTime: 09:34:04 09 Nov 2009
LinksList Documentid: 29778428

Current DateTime: 09:34:04 09 Nov 2009
LinksList Documentid: 29779196

Current DateTime: 09:34:04 09 Nov 2009
LinksList Documentid: 29779199

Current DateTime: 09:34:04 09 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