The latest blow to the oil markets: Chinese manufacturing activity slows down again!
With the latest manufacturing data from China that shows a relative slowdown, compared to March, both the traders and investors have been compelled to accept the inevitable; it is neither easy nor feasible to shore up the oil and gas prices in the current circumstances. According to China's National Statistics Bureau, the manufacturing manager's PMI for April was 50.4%, a drop of 0.4% from that of March; having been below 50% since September, 2023 - the threshold - the key Chinese manufacturing index rose above the latter in March. Investors, not just in oil and gas sectors, breathed a collective sigh of relief, when they noticed a growth in the manufacturing sector in the world's second largest economy, China. The evolving volatility in the Middle East, coupled with China's encouraging manufacturing data, did push the price of oil in April, only to come down as the days wore on. In this context, the latest Chinese manufacturing data is hardly going to be a catalyst
