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