Billionaire investor Leon Cooperman predicted U.S. oil’s rise to $60 a barrel, and now he says it could hit $70.
“I think the supply-demand outlook is favorable, and we would not be surprised to see oil reaching $70 a barrel,” the chairman and CEO of Omega Advisors told CNBC’s “Fast Money: Halftime Report” on Wednesday.
Cooperman made his comments despite U.S. West Texas Intermediate crude prices tanking earlier in the morning, falling about 3 percent to a one-month low of $61.33.
When Cooperman made his call in May that oil would end 2017 close to $60, WTI was trading around $49 a barrel. The commodity ended the last session of the year at $60.42.
Omega Advisors has about 6 to 7 percent of its portfolio allocated to energy stocks based on its view that the outlook for the sector is “decent,” according to Cooperman.