🔴 Oil prices collapsed by approximately 10% in 5 days due to fears of weak global demand.
• Even as OPEC extends oil production cuts by 2 million barrels per day, oil prices are approaching their lowest levels in 2024.
• Recent data indicate that economic activity in the United States in the manufacturing and construction sectors is slowing, which is a sign of recession.
⬅️ It seems that the markets are preparing for a recession!