Traders Expect Oil Prices to Remain Above $81 for the Next 12 Months

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. More than 40% of the 126 respondents in the survey of asset managers and energy market strategists believe that demand destruction will be the single biggest driver of efforts at balancing the market amid the worst oil supply shock in history. Another 21% say that re-routing and adjustments to logistics…