NEW YORK - Oil tycoon T. Boone Pickens said on Wednesday that oil prices may be near bottom and could bounce back to near $100 a barrel a year from now.
"You've got to be close to bottom because OPEC is going to cut supply and support the prices," Pickens told CNBC television in an interview.
"I think within a year from now we'll be back above $100 a barrel."
Oil prices have tumbled from a record high above $147 a barrel to below $57 a barrel as demand in the United States and other big consumer nations slows.
Pickens also said his hedge fund was down $2 billion since July and that he had taken the money from his equity fund and put it into cash.
"You've got to be close to bottom because OPEC is going to cut supply and support the prices," Pickens told CNBC television in an interview.
"I think within a year from now we'll be back above $100 a barrel."
Oil prices have tumbled from a record high above $147 a barrel to below $57 a barrel as demand in the United States and other big consumer nations slows.
Pickens also said his hedge fund was down $2 billion since July and that he had taken the money from his equity fund and put it into cash.
