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Oil price drop means great opportunity, but don't rush in -Icahn
January 22, 2015 / 6:07 PM / 3 years ago

Oil price drop means great opportunity, but don't rush in -Icahn

NEW YORK, Jan 22 (Reuters) - Billionaire investor Carl Icahn, whose own portfolio is stocked with oil companies, said on Thursday that he expects the price of oil to fall further but expects it to recover in the future as the demand for oil is bound to increase.

“I believe that oil will go lower,” he said in an interview on CNBC, calling oil a “great opportunity.”

But, he added, “I wouldn’t rush in now on oil.”

Crude prices have collapsed by more than half since June, sending share prices for many energy companies sharply lower.

Icahn likes to underscore his long investment horizons and noted that in the end his investments often pay off handsomely. One of those is a bet that the euro would fall against the dollar, something that he said he grit his teeth over when the European currency was rising.

Reporting by Svea Herbst-Bayliss and Luciana Lopez; Editing by Chris Reese

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