Yes, probably not seated correctly. If there's a spot that bulges out, it could blow off the rim if you don't get it seated correctly. Don't keep riding like this. Let out the air, pump it up to about 20 psi, and check the bead all around, pushing or pulling the tire with your hands until it is even. When it is all even, then pump it up to pressure. It's easy for the spot right at the valve to end up high. After you install the tire, before you add any air at all, push the valve up into the tire, make sure the tire bead is down into the rim, then pull the valve back into it's proper place.
Oil is good, grease is better.
2007 Peter Mooney w/S&S couplers/Terry Butterfly
1993 Bridgestone MB-3/Avocet O2 Air 40W
1980 Columbus Frame with 1970 Campy parts
1954 Raleigh 3-speed/Brooks B72