One of the biggest bears in the oil market has not been swayed by the snap rally that pushed the crude price up by more than 25 per cent in just three trading sessions. Pierre Andurand, the hedge fund manager who returned 51 per cent before fees last year by betting against the oil price, told the Financial Times that the market had overreacted to signs of slowing US crude production and comments by Opec. He believes prices will head lower again, possibly dropping below $30 a barrel. “The market will remain oversupplied in 2016 and 2017,” said Mr Andurand, who predicted the 2008 oil spike and subsequent crash. “We need low prices for longer to rebalance the market. There are no quick fixes.”