Oil-focused hedge fund manager Pierre Andurand said on Thursday that he expected benchmark Brent crude to drop to about $50 a barrel by year-end due to higher production and market volatility. “I don’t think the market is ready to see $80 to $90 oil in the short term,” the manager of the $450 million London-based Andurand Capital told Reuters ahead of his speech at an industry conference in New York on the direction of oil. Andurand said oil’s rebound from a seven-month rout has been overdone as investors have bet on U.S. production cuts, which he sees as temporary. The decline, which started in June, was largely due to lower-than-expected demand growth, fewer supply disruptions with the recovery of Libyan production, and the move by Saudi Arabia and other OPEC members to not cut output in order to protect market share, Andurand said. Andurand said demand would not keep […]