Oil with correction risk after 13% growth

Oil prices returned earlier yesterday after analysts warned of a potential correction after a 13% increase in oil in the last month.
Despite the downturn, overall oil remained relatively stable in an environment of limited supply and strong global demand.
The Brent dropped below the $70 psychological limit and was trading early this morning at $69.30 a barrel.
On Monday, the raw material reached its highest value since December 2014, registering a level of 70.37 dollars a barrel.
Investors and analysts are now seriously debating whether the price of oil is high and reasonable. There is an increasing opinion that oil is overpriced and its 13% price would lead to a more serious correction.
US crude oil finished with a minimum decline of 5 cents to a level of 63.68 dollars a barrel. The oil also registered its highest value since December 2014, at $64.89 a barrel.
The oil price also includes a substantial geopolitical risk premium. However, if we see a reduction in tensions in the coming weeks, this may be another factor contributing to the start of a correction for oil.
In addition, US producers continue to increase their production in an environment of high oil prices. US production is expected to pass the psychological limit of 10 million barrels a day, with only Russia and Saudi Arabia acheiving such production.