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Oil prices have been volatile since our last oil note in early April. The bulls briefly won out as WTI crude reached a 2019 high of $66.60 per barrel (bbl) on April 23, while Brent crude peaked at $74.57/bbl on April 24. Any celebration was short-lived, however, as WTI dropped 23.2% from April 23 to $51.14/bbl on June 12, slipping into a bear market1. As shown in the chart below, prices have moderately recovered as WTI has hovered around $57/bbl in early July, but both WTI and Brent remain well