David McCormick, president of Bridgewater Associates, said he sees the price of oil below $75 a barrel at the end of the year.
He made the comment at the SkyBridge Alternatives Conference in Las Vegas on Thursday. McCormick also said he thinks the Federal Reserve will raise interest rates after the end of the year. He and three other panelists were asked in a rapid-fire round of questions whether they thought oil would be above or below $75 a barrel at the end of 2015 and whether they thought the Fed would raise rates before or after year-end.
McCormick was U.S. Treasury undersecretary for international affairs from 2007 to 2009. Before that, he served as deputy national security adviser for international economic policy and undersecretary of commerce for export administration. Bridgewater, based in Westport, Connecticut, and run by Ray Dalio, is the world’s biggest hedge fund firm, with about $169 billion in assets.