Andy Hall: Oil Prices Reach Turning Point

Famed oil trader Andy Hall said the meteoric rise in U.S. oil production has ended, easing a global glut and driving a rebound in crude prices, Bloomberg reported.

Oil production from Texas to North Dakota peaked at about 10 million barrels a day in February and has been falling since then, Bloomberg reported, citing Hall's letter to investors of his commodities hedge fund, Astenbeck Capital Management LLC. (http://bloom.bg/1Jju7aB)

"We have now reached a turning point," Bloomberg quoted Hall as saying in the letter on Friday.

A drastic reduction in drilling rigs is starting to shrink U.S. oil output, the Bloomberg report said, citing U.S. government data quoted by Hall.

Astenbeck Capital was not immediately available for comment outside regular business hours. (Reporting by Anet Josline Pinto