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Nov 7, 2014
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Nov 6, 2014
Nov 6, 2014
Nov 6, 2014

Going out on a limb, North Dakota oil titan scraps hedges

By Ernest Scheyder

WILLISTON N.D. (Reuters) – Harold Hamm, chief executive of Continental Resources Inc (CLR.N: Quote, Profile, Research, Stock Buzz), stunned a bearish crude market by scrapping all of the North Dakota energy producer’s oil hedges, betting that prices will recover soon after sinking 25 percent in recent months.

With the move, Hamm, who last month called OPEC a “toothless tiger,” appears to be heading into a price war with Saudi Arabia, the world’s biggest oil exporter, without any protection from a prolonged downturn that some analysts say is looming.

Nov 6, 2014