China’s manufacturing sector recorded its fastest growth since April, marking its second consecutive month of expansion. This resurgence has bolstered expectations for increased fuel demand from the world's second-largest oil consumer.
The month’s growth was driven mostly by demand for intermediate goods—suggesting that a slew of monetary and fiscal policies released in recent months had been effective at bolstering manufacturing confidence.
The global oil benchmark recorded a modest rise on Thursday, November 28, attributed to a potential flare-up of geopolitical tensions in the Middle East, delays in OPEC+ decisions, and subdued market activity due to the US Thanksgiving holiday.