Oil hits 4-year low (Patreon)

Historically, sharp drops in oil prices have sometimes coincided with recessions, often reflecting a collapse in demand—like during the 2008 financial crisis when oil plummeted from $147 to under $40 a barrel as global activity tanked.

This one is a sudden decline which means markets expect weaker economic growth, less industrial output, and reduced consumer spending, all of which align with recessionary conditions.