Oil executive Harold Hamm says he expects the price of oil to rise to about $60 by the end of the year as drillers in North Dakota, Texas and elsewhere cut production and whittle down the current glut in the market.
Oil fell to $30 this week, a 12-year low, down 72 percent from $107 in June 2014. Hamm, the CEO of Continental Resources Inc., said in an interview Wednesday that he believes oil is at an inflection point, though he wouldn't say the price has bottomed yet.
Hamm's company helped lead a renaissance in the U.S. oil industry through the use of horizontal drilling to free oil trapped in shale rock.
U.S. oil production rose from 5 million barrels a day in 2008...