FXStreet (Bali) - The start of trading in Asia does not bode well for risk trades, with Oil collapsing over $1 towards a new low at $28.62, while the SP500 futures is trading on an offered tone as well. Iran back in the 'Oil' game The new low in Oil prices come as International sanctions have now been lifted on Iran, which is likely to make the current Oil glut even worse in due time, as the country ramps up Oil production and resumes international exports. Participants in the 'black gold' continue to price in precisely that, a worse supply-demand outlook near term. Will Yuan offshore headlines provide relief? On a brighter note, the USD/CNH has been sold off in early trading, following news via Bloomberg over the weekend, that effective Jan 25th, the PBOC is set impose reserve ratio on offshore yuan accounts, citing people familiar with the matter; this decision, if confirmed, will make the borrowing of Yuan offshore more expensive, and as such, may discourage speculative CNH shorts. For more information, read our latest forex news.