Chinese Manufacturing Rebound and Oil Demand Hopes Lift Crude Prices
• China's manufacturing PMI rose to 50.8 in March from 49.1 in February, indicating economic expansion and boosting oil prices • Export orders increased as domestic supply/demand and business/consumer confidence recover in China • Oil prices extending a 3-month rally, buoyed by OPEC+ cuts, dropping Russian output, and now positive Chinese economic data • European oil demand proving stronger than expected, rising 100,000 bpd year-over-year in February vs an expected 200,000 bpd contraction • Chinese oil demand still expected to be weak but latest PMI could lead to forecast revisions in world's largest oil importer