- 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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