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Sunday, July 13, 2014
Marc Faber: Positive Outlook for Oil
ET Now: What is your view on crude in the light of the recent volatility?
My view regarding oil is similar to that on other commodities. We had a
huge increase in crisis after 1999 when crude rose from $12 a barrel to
over $100 a barrel and a peak was made in July 2008 at $147. It came
down again and then rallied again.
In general, regarding crude and other commodities, the cost of
exploration and extraction has gone up and I do not foresee a meaningful
decline. Now, can the oil price temporarily drop to $80 a barrel?
That is a possibility, but in general, unless the oil price is above
$80 to $100, exploration will be curtailed. So my outlook for oil is
rather positive, especially given the geopolitical situation that we are
faced with. - in ET NOW July 2014
Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.Dr. Doom also trades currencies and commodity futures like Gold and Oil.