Oil Trader Andurand Says OPEC Cut Likely, $70 in Sight for 2017
- Supply glut that hammered prices is gone, trader says in note
- ‘The noise surrounding negotiations is often misinterpreted’
OPEC Makes Final Push for Oil Cut Deal
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Hedge fund manager Pierre Andurand says OPEC is still likely to agree on an output freeze this month and prompt a sharp rally in oil prices, despite disputes among its members.
The years-long supply glut that hammered oil prices is gone with no sign that production will grow next year, Andurand said in a note to investors obtained by Bloomberg News. The founder Andurand Capital Management, which oversees $1.4 billion in its main strategy, put the chance of an agreement by the Organization of Petroleum Exporting Countries at 70 percent.