Howard Marks: You can't predict the price of oil, because it doesn't produce income

Howard Marks: You can't predict the price of oil, because it doesn't produce income. Howard Marks of Oaktree Capital, speaking at the Goldman Sachs Financial Services Conference this week said You can't predict the price level of a good that does not produce income. And I think it's true in gold and I think it's true in oil. What's a low price for oil? What's a high price for oil? Who knows? Why was oil at $110 six months ago? And aren't those reasons still true today, with it at $60? And the people who - there are people who at $110 said, oh, I missed my chance to buy oil at $100. I'm kicking myself. I hope it gets backs there. Have they bought oil at $65? and the answer is, no, because there's no place you can get comfort on the price of a commodity, in my opinion. (Source: Howard Marks talking at Goldman Sachs Financial Services Conference)