Meanwhile, the widely-watched ISM factory PMI 'improved' slightly, meaning it contracted less. In China, the Caixin factory PMI surprised with a small expansion when a small contraction was anticipated. Given the official factory PMI out earlier showed a contraction, this is a double surprise. A week ago these prices were US$80/bbl and US$84.50/bbl respectively. A week ago it was at 68.4.

Source: Otago Daily Times September 02, 2023 08:51 UTC