In China, factory activity continued to slow last month, with the official PMI reading reaching a five-month low of 49.5. However, a private PMI calculated by S&P Global showed an increase in manufacturing among smaller companies, fueled by strong overseas orders. Economist Intelligence Unit analysts believe the official figures may not accurately reflect the current export momentum driving the economy. Meanwhile, oil prices started the month with a rise, driven by expectations of peak season demand and tight supply due to OPEC+ cuts. Despite the Chinese factory slowdown, global oil demand remains strong, as seen in a recent US EIA report showing a jump in production and demand. A decline in Chinese oil imports could impact international prices, but bullish factors such as Middle East tensions and European political changes continue to support the market.