By Joseph Branch in Economics News —

Oil collapsed by 5% - the pressure of approaching recession

Oil collapsed by 5% - the pressure of approaching recession
Photo by Zbynek Burival / Unsplash

Today's macro data from Germany showed that the key EU economy is approaching recession. The slowdown in economic activity as well as the "oil war" between Russia and the Persian Gulf is affecting oil prices.

Nevertheless, OPEC does not agree that oil demand will stop growing. According to today's data from the organization, global oil demand will grow by 3.4 mln bpd this year.