If oil is a gauge to the life blood of the global economy then the global economy looks to be on the cusp of a global recession. Many oil stocks this week are now trading at levels not seen since 2008.
You will not hear this from the mainstream media. It looks like another rescue package is going to come from the Federal Reserve Banks of the world (i.e. more injection of fiat currency) to keep the stock market happy. We'll see how this plays out.