Last time oil was like this was before the recession in 2008

Oil prices are often a barometer for the economic well being of the world because the global economy is so dependent on its supply. From the monetary system to every mode of mass transportation, Oil plays a part. It is so deep in our lives that its killing the planet and we have done naught to stop it. The global economy over the past few days has been battered by declining equities and talk of a new recession. With oil prices sliding to $50 and oil producers at odds with each other, we may see a downturn until the situation stabilizes. Once again oil comes front and center as economies slide and international tensions increase. Once could really wonder if we are on the brink of another financial event.

Today the stock market saw an overall rise on optimism that the Americans and Chinese might end the trade war and a possible change in direction of the US federal reserve on Interest rates. We have to just wait and see how this all pans out.

check out this overview of the current oil situation