Oil slips away from 2014 highs, though overall 2018 outlook remains firm

Oil prices on Friday slipped away from December-2014 highs reached the previous day.

Although analysts and traders have been warning of the risks of a downward price correction since the start of the year, they point out that overall market conditions remain strong, largely due to ongoing production cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia.