Renowned oil trader Andy Hall expects U.S. crude to rise above $65 a barrel despite high global production of oil led by OPEC, citing the drop in U.S. oil rigs as a factor. “Despite a collapse in rig counts in the U.S., oil production has yet to register a sustained decline. But it will come,” Hall said in the monthly letter to investors in his $3.3 billion Connecticut-based hedge fund Astenbeck Capital Management. Some in the market believe oil prices have found a floor after last year’s rout. While drilling has become more efficient, Hall argued that cannot compensate in the near-term for the 60 percent drop in the U.S. rig count. “Oil prices will continue to work their way higher over time toward the global marginal cost of production, and in our view that is above $65 WTI,” Hall said, referring to the U.S. crude benchmark, […]