Contrarian Profits

Bargain Buys For Patient Investors - Barron's

Oil guru Richard Rainwater recently bought back shares of Exxon (NYSE:XOM), ConocoPhillips (NYSE:COP), Pioneer Natural Resources (NYSE:PXD), BP (NYSE:BP) and Statoil (NYSE:STO) — all at rock-bottom prices.

Now is the time to buy oil. The third quarter of 2008 saw the largest drop in oil prices in 17 years.

Now with OPEC slashing its production outlook for the rest of 2008 and 2009, it’s unclear just how long prices will be able to stay under $100.