Sept 1 (Reuters) - Hedge fund manager Pierre Andurand believes crude prices will head lower again, possibly dropping below $30 per barrel, the Financial Times reported on Tuesday.
The Andurand Capital oil hedge fund founder made his name in 2008 by calling the sharp rise and subsequent collapse in oil prices that year.
“I would expect the range for WTI to be $25-$50 over the next two years,” Andurand told the newspaper.
Andurand told the FT that markets had overreacted on Monday to signs of slowing U.S. crude production and recent comments by the Organization of the Petroleum Exporting Countries (OPEC).
“If we stay at almost $50 WTI I think U.S. production will grow again relatively strongly,” Andurand was quoted as saying by the FT.
Oil prices soared more than 8 percent on Monday as a downward revision of U.S. crude production data and OPEC’s readiness to talk with other producers helped extend the biggest three-day price surge in 25 years.
However, prices tumbled 8 percent on Tuesday as weak Chinese data revived concerns about demand for petroleum.
Andurand told the FT there was "nothing new" in comments on Monday from OPEC, which some traders had interpreted as indicating the group wanted to co-ordinate with other producers to raise prices. (on.ft.com/1UkPSQY) (Reporting by Shubhankar Chakravorty in Bengaluru; Editing by Maju Samuel)