China Serves Oil Bulls Some Good News ...Middle East

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China Serves Oil Bulls Some Good News
source : OILPRICE ( Middle East ) () 26
Factory activity in China declined more slowly this month, suggesting rebounding demand for energy, in oil specifically. Per a Reuters report, the slowed decline was the result of Covid restrictions getting relaxed in several major industrial hubs. The news immediately pushed Brent crude higher. China's purchasing managers' index rose to 49.6 this month from 47.4 in April, and beating economists' predictions for an increase to 48.6. Yet the country is not completely out of the woods with regard to Covid and its effect on the economy and oil demand.…

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