Nymex’s crude oil fell 1.58% to US$31.12 per barrel in Asian trading this morning. While U.S. crude futures closed nearly 6% drop on Monday (Feb. 1). Market players are now¬†concerned over the weak economic data from China, and an OPEC source.¬†Partly because of Iran’s return, OPEC production has jumped to 32.60 million barrels per day (bpd), its highest in years, adding to a global glut of over 1 million bpd in excess of demand, which has pulled down oil prices 70 percent since mid-2014.To subscribe please click here