Figure 1 is a weekly chart of the i-Path Goldman Sachs Crude ETN (symbol:OIL).

Figure 1. OIL/ weekly

Simply put OIL has broken down. Last week saw a close below the key pivot or support level at 21.09. This is a significant and long standing base formation, and such low volatility breakdowns typically lead to significant price moves.

I will leave it to you the reader to put the pieces together as it pertains to the global economy.