Crude oil production in the United States grew faster during the first quarter of the year, the Dallas Fed reported in its quarterly industry survey, noting that costs also increased.
Price sentiment in the industry was guardedly bullish, with a majority of respondents in the survey expecting West Texas Intermediate to end 2022 at between $80 and $90 per barrel. A much smaller portion—about 5 percent—expected WTI to end 2022 at between $110 and $120. Interestingly, a bigger portion of respondents believed the U.S. benchmark could end the year at more than $120 per barrel.
