ET Now: With tensions in Middle East subsiding and higher inventories from US, do you see a continuation of the supply-demand mismatch for oil market?
Jim Rogers: There is excess supply in the crude market at the moment because of the Shale boom in the US. I am not sure how much long that is going to last because those wells are very short lived.
But, at the moment there is a glut and we could very well see lower prices. However, do not sell your crude. If prices go down there will first be a cut back on the Shale. Shale has to have high prices in order to bring it to market and secondly oil is going to go much higher over the decade. Other known reserves are in decline, every other country in the world has declining reserves. This is a temporary thing. - in ET NOW : Click Here to watch the full interview >>>>>
Jim Rogers started trading the stock market with $600 in 1968.In 1973 he formed the Quantum Fund with the legendary investor George Soros before retiring, a multi millionaire at the age of 37. Rogers and Soros helped steer the fund to a miraculous 4,200% return over the 10 year span of the fund while the S&P 500 returned just 47%.