Is There An Oil Price Correction Coming?

Even as Baker Hughes reported a rise in the number of active drilling rigs in the United States on Friday, oil prices continued to see gains on Friday afternoon. At 4:19pm EDT, WTI crude was still up 1.32% on the day at $56.97. Brent was still up over 1% on the day, at $59.44—dangerously close to the $60 psychological threshold for the benchmark. Last week at this time, the spot price for Brent was just $55.04. The near $5 gain is due to a combination of factors, including a large crude oil inventory decrease in the United States, continuing…