Tue Dec 11, 2007 2:12pm EST - Reuters
NEW YORK, Dec 11 (Reuters) - Oil prices will hit $100 a barrel before dipping to $80, and should pierce the triple-digit threshold within the next six months, investor T. Boone Pickens said on Tuesday.
"Get ready for $100, it is coming up. A hundred dollars will come before $80," said the Texas oilman who heads the BP Capital hedge fund during an interview with CNBC television channel, adding that he expects the market to become adjusted to $100 oil.
"You'll see it ($100 oil) within the next six months. A hundred dollars is going to become routine."
U.S. oil rocketed to $99.29 a barrel in late November on concerns about supplies ahead of the Northern winter and the slumping dollar.
Worries a slowdown in the U.S. economy could depress demand growth in the world's top consumer have since sent prices down. Oil was around $90 a barrel on Tuesday.
Pickens said that supply constraints would continue to drive prices higher, as well as moves by oil producers to ensure more revenue.
In April, when prices were around $65 a barrel, Pickens said oil could tip $80 a barrel in late 2007. (Reporting by Matthew Robinson; editing by Matthew Lewis)
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