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U.S. President Donald Trump on Monday criticised the Federal Reserve over Twitter, saying that a small cut in policy interest rates "is not enough". Trump wrote that "the E.U. and China will further lower interest rates and pump money into their systems, making it much easier for their manufacturers to sell product. 

Britain told Iran on Monday that if it wants to "come out of the dark", it must follow international rules and release a British-flagged oil tanker seized in the Arabian Gulf.

New British Prime Minister Boris Johnson said on Monday that the U.K. will leave the European Union on October 31 without a deal unless the EU renegotiates, sending the British pound tumbling to a 28-month low.

China's imports of oil from Iran collapsed in June by almost 60% y/y, according to customs data released last weekend. Data from China’s General Administration of Customs showed that crude imports from Iran in June were 855,638 tonnes, or 208,205 bpd.