Recession ‘can stop oil price rise’

The record price of oil is a bubble being driven by market speculators that will only burst when the UK and US fall into recession, a billionaire investor has reportedly said.

George Soros, a legendary hedge fund investor, blamed the spike in oil prices – which peaked at 135 US dollars a barrel for the first time last week – on investors betting that the cost of oil will continue to rise, according to an interview in The Daily Telegraph.

He said that the bubble will correct, but warned that this will not happen until the US and UK fall into a recession.

PressAssociation