Oil price: a slight rise in China's Manufacturing PMI pushes the oil prices up
China's Manufacturing Managers' PMI for June, 2023 China, the world's second largest economy, released its monthly data on Manufacturing Purchasing Managers' Index, known as the PMI, that is a key indicator of the manufacturing activity of the country. It has risen by 0.2% from the previous index, 48.8%, in May this year. Although numerically insignificant for causing an earth-shattering movement in the current markets sentiments, it, nevertheless, is a positive sign in the current economic atmosphere that is not short of news about doom-and-gloom - and for multiple reasons. China, with the release of the latest data, acknowledged that the rise in the PMI can be attributed to the growth in the large and medium scale industries; the growth of small scale industries, by contrast, has slowed during the same period. In short, there is no room for complacency; China is not out of the woods yet. The price of oil, perhaps went up slightly on Friday in anticipation of
