Oversupply is "biggest threat on Oil market – Iran OPEC official

FXStreet (Mumbai) - Iran OPEC official crossed the wires via Reuters last hours and noted, “countries that raised Oil production when sanctions on Iran were imposed should cut output to stabilise market.”

The OPEC official also added, “Iran-Saudi Arabia diplomatic tension's impact on Oil market is short term, oversupply is "biggest threat."

European Monetary Union Markit Services PMI came in at 54.2, above forecasts (53.9) in December

European Monetary Union Markit Services PMI came in at 54.2, above forecasts (53.9) in December
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Caixin December services PMI at 50.2, lowest since July 2014

Caixin PMI data showed activity in China's services sector in December expanded at its slowest rate in 17 months. The Caixin/Markit PMI dropped to 50.2 in December from 51.2 in November; the lowest reading was the lowest since July 2014. The latest data dimmed hopes that policy makers’ attempt to restructure the economy with more emphasis on services and consumption will offset the drag from weakness in the manufacturing sector. He Fan, chief economist at Caixin Insight Group feels the government must “gradually relax restrictions in the sector” given the latest setback suffered by this sector.
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