Andurand Seeing Rational Iran Bets on Oil Price Dropping
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Pierre Andurand, the oil trader who predicted the top of the market in 2008 and the plunge last month, expects prices to drop about 18 percent over the next six months.
Andurand sees Brent crude declining to $65 to $70 a barrel, according to a Nov. 11 investor letter. He’s betting Iran will increase production after reaching agreement with the U.S. and European Union over sanctions tied to its nuclear program, and that a Nov. 27 meeting of the Organization of Petroleum Exporting Countries that will decide whether to reduce production won’t go far enough, he wrote.