Can We Expect An Oil Price Correction Soon?

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Oil prices touched a more than two-and-a-half-year high this week, but have faltered mid-week. Market sentiment is more bullish than it has been in a long time, but the risk of falling back is still very much alive. There has been a series of market forces that have come together, all at just the right time, to push Brent up into the mid-$60s per barrel. Falling inventories, near-unanimity from OPEC to extend the production cuts, a slowdown in U.S. shale, bullish positioning from oil traders and some unexpected unrest in the Middle East. Taken…