Pierre Andurand: 70% Chance Of OPEC Deal, Oil Is Heading To $70

Renowned oil trader and hedge fund manager Pierre Andurand believes there’s a 70% chance that OPEC will reach an agreement to curtail oil output soon and as a result, oil prices will “slowly trend upward” towards $60 to $70 by the end of 2017. Andurand, who’s Andurand Capital Management oversees manages $1.4 billion in its main strategy made these comments in the Andurand Commodities Fund October investor update, a copy of which has been reviewed by ValueWalk. For the month of October, the fund lost 3%. Year-to-date the fund has produced a return of 7.8% for investors. The news was first reported by Bloomberg News.

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Pierre Andurand: 70% Chance Of OPEC Deal

Echoing comments by fellow oil trader and hedge fund manager Andy Hall, Andurand believes the oil market has already rebalanced any action by OPEC will only accelerate price growth on top of improving fundamentals.