From Yahoo Finance
Many traders are waiting for oil prices to crash again, as a rally triggered by the falling value of the U.S. dollar fizzles. They could be waiting a long time.
“You could be at 50 or 60 [dollars per barrel] in 60 days,” famed oil investor T. Boone Pickens tells Yahoo Finance in the video above. “Supply is down and demand is up and price is going to go with it.”
The price of West Texas crude bottomed out at around $26 per barrel in February and has since bounced back up to nearly $48. Oil got a recent bump from a Goldman Sachs (GS) report citing a surprisingly quick drawdown of oil stocks and raising its price forecast for crude to $50 for the second half of the year.
Watch the interview or read the rest of the article here.
