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The Institute for Supply Management said that its index of U.S. national factory activity dropped in August to 49.1, compared with a reading of 51.1 that was expected. A reading below 50 indicates contraction, and this was the first time since 2016 that it has happened. Earlier in the day, IHS Markit reported its August final manufacturing Purchasing Managers' Index (PMI) for the Eurozone at 47.0, marking its 7th month of contraction and its lowest level since December 2012.

 Venezuela's oil exports fell in August to their lowest level in 2019, hurt by a suspension of purchases by its 2nd-largest customer China National Petroleum Corp (CNPC) due to U.S. sanctions. Exports of crude and refined products by state-run oil firm Petroleos de Venezuela (PDVSA) and its joint ventures fell in August to about 770,000 bpd.

Iran said on Tuesday that will never hold bilateral talks with the U.S., but is open to multilateral negotiations if the U.S. rescinds the sanctions that were re-imposed in 2018. Iranian President Hassan Rouhani told an open session of parliament on Tuesday that "no decision has ever been taken to hold talks with the U.S. and there has been a lot of offers for talks but our answer will always be negative.

The Iranian oil tanker Adrian Darya 1, which is part of the dispute between Iran and Western powers, appears to have turned off its transponder while in the Mediterranean Sea west of Syria, ship-tracking data showed on Tuesday. The tanker, which is loaded with Iranian crude oil, sent its last signal on Monday giving its position as between Cyprus and Syria sailing north. Gibraltar released the vessel on August 15 after receiving formal written assurances from Iran that the ship will not discharge its oil in Syria.