Billionaire oilman Harold Hamm hikes year-end crude forecast by 20%

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American oil billionaire Harold Hamm said Thursday he's increasing his 2016 forecast for U.S. crude by up to 20 percent.

The founder and chief of Oklahoma-based Continental Resources previously thought $60 per barrel was the magic number, but now he tells CNBC's "Squawk Box" that $69 to $72 per barrel by the end of the year looks more likely.

Hamm said OPEC is losing its influence on world oil markets, calling the cartel "NO-PEC."

"Basically, it comes back to supply and demand," he said, adding that greater-than-expected declines in production were starting to put a dent in oversupply.

Since the Feb. 11 bottom, West Texas Intermediate crude, the U.S. benchmark, has increased more than 80 percent to around $51 per barrel.

But crude is still off about 50 percent when measured against the June 2014 highs of around $114.

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