Have Oil Prices Hit a Bottom?

Crude oil prices climbed higher during the past week, which has led to speculation that prices might have hit a bottom.  This comes despite robust supply from production around the globe.  Although there have been continued declines in U.S. rig counts, the import of crude oil into the U.S. will likely take the place of any drop off in domestic production.

According to the Department of Energy, total U.S. crude oil…