November 16, 2017 / 9:17 PM / a month ago

Andurand's hedge fund recovers some losses after oil price rally

NEW YORK (Reuters) - Oil trader Pierre Andurand’s hedge fund has continued to recover from losses incurred during the first half of the year, according to HSBC data, after a recent rally boosted oil prices to mid-2015 highs.

Year-to-date through Oct. 31, Andurand’s commodities fund - one of the biggest hedge funds specializing in oil - was down 8.88 percent, HSBC data said. It was up 5 percent in October.

The high-profile trader, who manages some $1.1 billion in Andurand Capital, lost 17 percent in the first six months of the year, but started to see some losses erased in the second half of the year.

In 2016, Andurand’s fund was up more than 22 percent, the documents showed.

Andurand Capital and other oil and commodities-focused hedge funds have struggled this year, with many racking up the worst losses in years.

This summer, longtime commodities fund manager Andy Hall was said to be closing his main hedge fund after losses this year, according to reports.

Oil prices have seen a steady rise after touching the 2017 lows in June, rising by more than $20 to nearly $65 a barrel last week, driven in part by OPEC supply cuts.

Reporting by Catherine Ngai; Additional reporting by Lawrence Delevingne; Editing by Lisa Shumaker

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