Jim Rogers: Oil 'Will Probably' Soar to Record $200 a Barrel

Oil prices could hit a record $200 a barrel on rising demand and dwindling supplies, says investor guru Jim Rogers, who predicted the start of the global commodities rally in 1999.

"Known reserves of oil are declining. It is not good news. Unless somebody discovers a lot of oil very quickly, prices are going to go much higher over the next decade," Rogers tells the BBC.

"The price of oil is going to make new highs. It will go over $150 a barrel. It will probably go over $200 a barrel."

Benchmark oil for March delivery lost $2.22 to settle at $89.59 a barrel Thursday on the New York Mercantile Exchange. Thursday in London, Brent crude declined $1.58 to settle at $96.58 a barrel on the ICE futures exchange. Oil hit a record peak of $145 in July 2008. (more)