The Fast Money traders are taking note of a bullish oil prediction. It’s not so much what was said as it is, by whom.
In a Bloomberg interview the widely followed economist Jeff Rubin (formerly of CIBC) predicted oil prices are about to embark on a long ascent. “It’s safe to say that we’ll see triple-digit oil prices by the fourth quarter of this year,” he said.
"This time we can expect oil prices to rise and continue rising," he added. And he expects prices to move pretty close to $100, and be in the $90 range as soon as the end of March.
That's not the first bullish prediction for crude but the Fast Money traders are taking note because Rubin has been spot on. In 2007, he accurately forecast that oil prices would skyrocket.
As you likely remember the price of oil hit $147 in July 2008 sending prices at the pump well over $4 a gallon. And Rubin says we could see it again – as soon as 2011.
Our own oil expert, Fast Money trader Joe Terranova says much the same. "If oil doesn’t hit $100 this year, I think the equities markets will have a bad year. Personally, I think oil goes above $150 in the next 3 years.
What do you think? We want to know!