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Anzo Lim

Steady Oil Demand Suggests Resilience in China’s Economy

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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

 

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