West Texas Intermediate (WTI) crude is hovering around $65-70/bbl, compared to $80 at the beginning of the month. Economists at the Bank of Montreal note that prospects for a recovery in prices remain murky.

Is it time to worry?

“While it’s probably not time to push the panic button yet, the oil market is likely going to remain on shaky ground for the rest of the year. This explains why we had already revised our 2023 projection for WTI down to $85/bbl (from $90) just prior to the banking fallout.” 

“Events over the last week underscore that risks are still tilted to the downside.”