While China’s April PMI was weak, there are positive signs for oil from holiday travel | Forexlive

Commentary from ANZ on oil:

• weak economic data from China raised concerns about a patchy recovery. Data released over the weekend showed China’s manufacturing activity unexpectedly slowed, with the official PMI dipping back below 50 for the first time since December 2022. Sub-indexes for new orders, new export orders and manufacturing employment were all below 50.
• However, there were some positive signs the recovery is continuing. Holiday spending on the first day of the five-day Golden Week holiday underscored a recovery. State broadcaster CCTV said that major retail and catering companies have seen sales jump 21% y/y, based on Ministry of Commerce data. A record 19.7m railway trips were made across the country. Traffic is also expected to be 20% higher than in 2019, according to local media.

Oil price movement update since the OPEC+ cuts announced shunted the price up gap: