Oil falls to fresh lows into EU open

  • As we are heading into the European open, Oil is posting fresh lows
  • WTI is approaching $32.50, while Brent has fell to $32.75
  • The tensions between Saudi-Arabia and Iran have led to a rally earlier this week, but it was short-lived
  • Weak Chinese econ data and risk aversion have put prices under further pressure
  • Unless there is a cut in production, prices are likely to fall further

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