Oil prices recovered somewhat in Friday’s trading session as markets reacted stoically on another rise in the U.S. rig count. (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) Friday, June 16, 2017 Oil prices dropped to new lows this week, completely erasing all the gains made since OPEC originally cut production back in November 2016. The fear is that persistent oversupply will continue to weigh on crude oil markets. Both the IEA and OPEC came out with forecasts this week that admitted that the adjustment process is happening much slower than they expected. That pulled down WTI and Brent, but when the U.S. EIA reported an uptick in gasoline inventories on Wednesday, oil prices really tanked. Oil prices are closing out the fourth consecutive week of losses – the longest string of weekly losses in two […]