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T.Boone Pickens sells all oil holdings

Pickens told Bloomberg Go he isn't finished with oil, but plans to be patient.

“The low is in,” he began. “Just don’t get in a rush here. You’re going to have plenty of opportunity.”

The Oklahoma State graduate continued, "the market is going to be volatile. It's not going to go straight up, so there will be good entry points."

He isn’t alone.

Pickens pointed out active oil rigs in the United States have dropped from more than 1,600 to fewer than 600. Enormous supply and a continued flow from the Middle East have led to a 70% downfall since 2014.

The slowdown continues to crush oil patch workers with a quarter-million jobs slashed in the past twelve months.

Pickens told the show he hopes a slow in production will lead to West Texas Intermediate rebounding to  the $50-$60 range by the end of 2016.

“I will not re-enter, I’m sure,” he noted. “Until we start to draw on inventories. That’s a key point.”

More here.

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