Hamm Still Optimistic About Oil Prices

What Continental Resources Founder Harold Hamm says about the falling oil prices and why he’s still optimistic.

“I see prices improving,” he told a third quarter earnings report last week in Oklahoma City. “I see prices improving to the 85-90 dollar range just like I been saying all long.”

And he knows why OPEC wants to lower its worldwide prices.

“What we’re dealing with here is a renaissance that’s gonna be very long lasting here in the U.S. and OPEC is worried about that and wants to slow down what we’re doing over here,” he continued in a brief comment to shareholders and others.

“Getting by the OPEC November 27th meeting, I think that’s gonna be a revelation in itself. We feel good about what we’ve done with prices.”

He didn’t elaborate on what he meant by ‘a revelation in itself.’

“In the international areas, particularly with OPEC members, I feel like we’re at the bottom rung on prices and we’ll see them recover pretty drastically, pretty quick.”

Prices on the New York Mercantile Exchange rose 74 cents in trading on Friday and settled at $78.65 a barrel. But for the week, oil prices dropped 2.4%, marking the sixth straight weekly loss.