Calgary Herald | Why Another Oil Price Downturn Is A Distinct Possibility OilPrice.com In June 2015, oil prices surged to $60 per barrel, raising hopes that the oil price downturn would have been brief and the recovery swift. But by July, oil prices were heading back down, the beginning of a deeper slump that would continue for months. As oil price rally sputters, producers prepare for a second-half slump |