Crude oil prices are slightly lower, due mostly to a further decline in a measure of China’s manufacturing sector. The HSBC manufacturing PMI for March fell to an 18-month low of 48. As we like to say, China is the swing-demand center these days, and their data count for a lot. The central planners have gotten the wake-up call, and they have ceased messing with the money markets and appear ready to engage in renewed stimulus.
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