Did the oil reach its peak?

Oil fell yesterday as prospects for further rising of raw material prices met with expectations of a rise in US production. The US producers seem to increase their production in light of the recent rise in the price of "black gold."
Brent futures are at a level of $62.94 a barrel, or a decline of 22 cents, or 0.35% since their last closing. US crude oil lost 14 cents to $56.62 a barrel.
Decline became a reality after oil reached its highest levels since 2015 in the past week. Since then, however, the raw material has lost some moment in its movement.
US production has risen by more than 14 percent since mid-2016 to a record 9.62 million barrels per day.
From the beginning of the year to the present, the average price of the Brent is at a level of 54.5 dollars per barrel.
Many traders forecast for a drop in oil prices from now on, following expectations of further US production growth.
OPEC has raised its forecast for next year's demand growth of 360,000 barrels a day, against previous expectations in July.