Commodities: Is Oil Bouncing Back?

7:10 PM ET Wed, 13 Aug 2008

Commodities prices have slumped the past week, but oil seems to have made a slight comeback today. Robert Parker, vice-chairman at Credit Suisse Asset Management thinks oil prices will go back above $120 a barrel level in the short-term. He tells CNBC's Martin Soong and Amanda Drury why.