Oil prices crash nearly 10% in 5 days over fears around weakening global demand.

Even as OPEC just extended oil production cuts of 2 million barrels per day, oil prices are nearing their 2024 lows.

Recent data suggests that US economic activity in manufacturing and construction is slowing, a recessionary sign.

As a result, oil prices are down 16% from their April peak and up just 3% year-to-date

Markets are not buying the "soft landing" narrative.