Chinese economic activity, a key barometer of oil demand, put some downward pressure on oil prices on Monday after data showed on Wednesday that manufacturing contracted in January for the fourth straight month. China’s official manufacturing purchasing managers’ index (PMI) rose slightly while remaining in contraction, dampening hopes for a rebound.
China’s January PMI rose to 49.2, up from 49 in December, with levels below 50 considered to be a state of contraction and analysts concluding that China remains challenged…Lackluster Economic Data Out of China Puts Oil Prices Under Pressure
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