Pierre Andurand, a prominent oil hedge fund manager who lost big during last year’s price slump, is launching a new fund that takes on more risk as a way to benefit from crude’s recovery.

Andurand, one of the last oil hedge fund managers standing, has recovered somewhat this year after recording his first-ever annual loss in 2018. Brent crude, the international price gauge, has rallied more than 30% this year on production cuts by major suppliers. That sharp recovery followed a dramatic slump late last year, which pushed Brent into a steep fall.