Oct 12 Energy hedge fund manager Pierre Andurand
said crude oil could hit $60 a barrel by the end of the year and
$70 by summer 2017 as Saudi Arabia wants higher oil prices and
will make it happen.
"Market participants are getting lost in monitoring how much
each individual country is going to cut," Andurand wrote in the
latest letter of his eponymous hedge fund that manages $1.4
billion, referring to Saudi plans to get OPEC and other oil
producers to reduce output to boost prices.
"They are missing the point, which is that the Saudis want
higher oil prices now and ... will accommodate to make that
happen," said the September letter by the London-based Andurand
Commodities Fund, seen by Reuters on Wednesday.
(Reporting By Barani Krishnan; Editing by Marguerita Choy)