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