Prices for crude oil and other precious metals like copper, palladium, steel, platinum, and aluminum plunged further down in recent days, suggesting that an economic depression is approaching.

According to CNN, the last time prices for oil and other raw materials were this low. An economic depression was getting close. Commodities have had bad performances for this year due to overflowing supply and low demand. BB&T analyst Garrett Nelson said, "Sentiment is horrendous. It's the worst since the financial crisis -- and it's getting worse every day."

Nasdaq reported that oil prices on Tuesday fell lower than the $37-level for the first time in nearly seven years, as a supply glut continues to worry the industry. Crude oil was down 78 cents, or 2.06 percent to $35.88 a barrel on the New York Mercantile Exchange for the January delivery.

CNBC wrote that the continuing collapse of the energy and commodity sector is as damaging as the housing bubble that sent the world to the recent economic recession. The boom and bust of the prices in metals and oil is argued to still be in the unwind phase.

Meanwhile, there is an obvious evidence of the effects of the plunge in prices of oil and metal as Anglo American owner De Beers announced a suspension of its dividends. The mining giant is set to sell 60 percent of its assets, which will result to a loss of 85,000 jobs.

The Dow has dropped 200 points this week, which shows that the commodities rout do has adverse effects on stock prices. This problem raises concerns on the global economic condition. The soft demand exacerbates this issue. China and other developing countries have slowed its demand for oil and raw materials.

Europe's economy is underperforming, Japan is on the brink of recession, and the U.S. manufacturing industry has declined in November.