Oil will hit well over $100 and stay high: Rogers
Thu Jul 6, 2006 6:34am ET
[+] By Barbara Lewis
LONDON (Reuters) - Oil prices will soar to well over $100 a barrel and stay high as part of a sustained commodities bull run that has another 15 years to run, billionaire U.S. investor Jim Rogers told Reuters in an interview.
One factor that could bring down the price would be a bird flu epidemic, which would send all asset classes plummeting, he said, although oil would probably fall less than other markets.
"We're going to have high oil prices for a very long time. The surprise is going to be how high it goes," Rogers said.
Reiterating earlier comment oil prices would hit at least $100 a barrel, he said: "It will be much more than $100 before the bull market is over."
U.S. light sweet crude <CLc1> hit a new record of $75.40 a barrel on Wednesday and was trading at close to $75 on Thursday.
Rogers, a former investment partner of billionaire fund manager George Soros, has predicted the commodities bull run has at least 15 years to run.
"It's a major long-term bull market as far as I'm concerned," he said.
Aside from the bullish impact of tensions, described by Rogers as temporary, over Iran's nuclear ambitions and North Korea's missile tests, he said oil was drawing long-term support from the lack of large scale finds. Continued...
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