![]()
- The Secret Lives of Traders—Seeking the Next Hot Thing
- Markets Finally Get Greek Deal —So Where's the Rally?
- Warren Buffett: Stocks Will Outperform Gold and Bonds
- Alibaba Plans to Buy Back Yahoo Stake, Go Private
- Greece Deal Fails to Convince, EU Demands More
- 'Mortgage Deal from Hell' Hurts Sound Borrowers: Bove
- Clint Eastwood: Super Bowl Ad Endorses No One
- Zynga, Hasbro Partner to Make Toys, Games
- Home Builder Optimism Up, Industry Expert Says
MOST SHARED
- Stocks Looking Past Europe for a New Driver
- Canaccord, China's Eximbank Plan $1 Billion Resource Fund
- Jobs You Can Do Forever
- DBS Fourth-Quarter Profit Rises 8%; Tops Forecast
- Chart Patterns Suggest Pullback at Hand
- Australia's Newcrest First-Half Underlying Profit Up 17%
- Steelers' Antonio Brown Spends Super Bowl Week with Twitter Fan Turned BFF
- Mulling Buffett's Stock Advice? Get in With REITs: Fund Managers
- UPDATE: Massive Trend Just Getting Underway in Financial Services: Finerman
- LinkedIn Earnings Bode Well for Hiring and Social Media
MOST POPULAR
HOT ON FACEBOOK
Wilbur Ross: Run-Up in Oil Prices Is a Bubble
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.







