Jump to content
Find Professionals    Deals    Get Quotations   Portfolios
Sign in to follow this  
Anzo Lim

Steady Oil Demand Suggests Resilience in China’s Economy

Recommended Posts

China’s economy shows resilience in September thanks to domestic demand and adjustment in monetary and fiscal policies. According to data released on September 30th by National Bureau of Statistics of China, Chinas Purchasing Manager Index (PMI) for manufacturing sector in September reached 49.8%, which rallied 0.3% compared with in August.Production Index,New Orders Index, Main Raw Materials Inventory Index, Employed Person Index and Supplier Delivery Time Index all went up accordingly.


In comparing with other economies, China also shows robustness in economy. Manufacturing PMI in the Eurozone fell back by 1.3% to 45.7% in September, while Septembers PMI in US, released by the Institute of Supply Management (ISM), dropped 1.3% to 47.8%.


Meanwhile, Chinas import demand in crude oil matches the overall performance of manufacturing. 41.24 million tonnes of crude oil were imported to China in September, a 11% growth year-on-year. If taking into account the 140 million tonnes of self-produced oil in the first 3 quarters, Chinas apparent consumption of crude oil( production plus net imports) reached 510 million tonnes, up by 7.8% year-on-year.The steady growth of Chinas consumption and imports helped to prop up oil price.


Pivot points for crude oil: 55.22----55.38


S1: 54.73                 R1: 56.03


S2: 54.00                  R2: 56.60

 Source: WikiFX APP


Share this post

Link to post
Share on other sites

Join 46,923 satisfied homeowners who used renotalk quotation service to find interior designers. Get an estimated quotation

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • advertisement_alt
  • advertisement_alt
  • advertisement_alt
Aura Sink download renotalk renovation guide