BlackRock's Fink: Bear on energy, bull on world

Energy prices are unlikely to rise, with the drop providing a "massive tax cut" for a growing economy, BlackRock's Larry Fink said Thursday.

The head of the $4.6 trillion money manager described his sentiment as "more bearish on energy, more bullish on the world," after a trip to the Middle East recently.

"It's fair to say the oligopoly is confused right now," he said.

Fundamental factors are at play in oil's drop to about $60 a barrel as production for years has been outstripping demand, Fink said at the DealBook conference in New York.

"We're now in a period of time where there's price realization," he said. "We're trying to come up with true market sense."

"What triggered this is a bigger question," Fink said. "The most important thing is this is a massive tax cut for the world. This is really good stuff for the world."

He also was asked to opine on Federal Reserve policy, which has had six years of near-zero short-term rates and unprecedented monetary easing that has seen the U.S. central bank's balance sheet expand past the $4.5 trillion mark.

Earlier in the day, Elliott Management's Paul Singer blamed the Fed for massive wealth inequality, an extent to which Fink would not go.

"The terror of the 2008-2009 financial crisis is still very much a part of the fabric," Fink said. "I can't imagine where we would be without that stimulus."

However, he did concede "more inequality than ever" that is due largely to low interest rates penalizing savers and rewarding those who own financial assets like stocks.