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The official PMI for February drops to 50.3, the lowest level in 19 months, a third consecutive month of decline which brings manufacturing down to minimal expansion. There can be some impact from Lunar New Year but holidays don’t come as a surprise and the number was way below expectations.

Reuters published a news-story on the Chinese PMI; quoting us: “This morning, we’ve had weak Chinese PMI numbers and one can say it’s the influence of the Lunar New Year, but holidays are expected and this number is below expectations,” Petromatrix strategist Olivier Jakob said.

Link to the article: https://money.usnews.com/investing/news/articles/2018-02-27/us-oil-prices-fall-for-second-day-after-stockpiles-rise