China's heightened industrial activities temporarily lift the mood in crude oil markets
China's manufacturing activity in February, judging by its latest data on manufacturing purchasing managers' index, the PMI, has beaten forecast and recorded an impressive record - 52.6%. It is the most reliable gauge of manufacturing activity in China and an index above and below 50% indicates a growth and contraction respectively; up until December, 2022, the data shows that manufacturing activity has significantly slowed down, only to pick up at the beginning of this year. Analysts and investors of the crude oil markets have been looking forward to hearing from China about the PMI in the past few days to make sure the reported, heightened manufacturing activities in China are for real, not just another flash in the pan. As far as the crude oil markets are concerned, it was good news, indeed. In this context, when the markets opened for business on Wednesday, there was a palpable optimism among the investors. The mood, however, did not last long, as the sentiment was off
