Nov. 12 (Bloomberg) -- Billionaire hedge-fund manager Boone Pickens told CNBC today that oil prices are near a bottom and will be back above $100 a barrel within a year.

``We're in a global recession now, and you've got to be close to the bottom because OPEC is going to cut supply and support the price,'' he said in an interview. ``Within a year from now, we'll be back above $100 a barrel.''

Pickens, who manages funds linked to energy commodities and equities through Dallas-based BP Capital LLC, confirmed that the equity fund has been converted to cash after BP Capital lost $2 billion since July, when oil and gas prices hit records.

``We're going to make it back,'' he said. ``Right now, patience is what we're practicing. We think it's going to get worse in the foreseeable future. We may peck away a little bit, but we're not going to go back into the market for a while.''

Oil prices have fallen 62 percent since hitting a record $147.27 a barrel in July, and natural gas prices have fallen 53 percent.

To contact the reporter on this story: Margot Habiby in Dallas at mhabiby@bloomberg.net.

Last Updated: November 12, 2008 12:21 EST