Dennis Gartman says that the bull market in oil is over for now, and it could be as much as 2 years before it resumes. He goes on, when asked, to say that oil could fall below $80 a barrell and that he would leave the trading in oil to much smarter people. Given the risks, there are many other trades that he's more comfortable with right now.
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Source: CNBC, August 8, 2008