Showing posts from December 4, 2022

Oil price: China's Manufacturing PMI Index falls sharply in November!

  The oil price that rose for two successive days before the weekend, only to fall back to where it was during the most part of last week, rose slightly on Monday when markets were open for business.  Since a massive US crude draw could not lift the prices of crude oil and sustain it, the rise we witnessed on Monday morning is going to be yet another flash in the pan - as far as the oil producers are concerned, of course.  Monday's oil price rally perhaps may have been prompted by the news that China is relaxing its rigid anti-Covid-19 measures that had resulted in sheer public inconvenience; it, in turn, has led to rare, sporadic protests around major industrial cities.  To its credit, China has been successful in curbing the spread of virus, though.  The measures, however, have taken its toll on the Chinese economy: its every major economic index has been in decline since June; in November alone, its Manufacturing PMI has fallen by 1.2% - a significant event. Since China is the w

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