Oil prices are set to average between $81 and $100 per barrel over the next 12 months as demand destruction will help balance a market that continues to price in a lasting war risk premium, a Bloomberg Intelligence survey showed on Thursday.
Oil companies paid out $4 billion to the Interior Department on Wednesday to lease federal land for oil and gas drilling in New Mexico and Texas, mostly in the Permian Basin.
Curious Minds Corner
Which U.S. state pumps out the most oil today?
Texas, producing over 5 million barrels daily thanks to Permian Basin shale booms.