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The latest blow to the oil and gas markets: Chinese manufacturing sector shrinks again! – By Hemantha Yapa Abeywardena Source: oilfutures In the ascending order of anxiety, the OPEC+ has been forced to accumulate a growing range of bad news in recent times for its decision makers to digest. In this context, the latest manufacturing data from China hardly comes as a catalyst for optimism, as far as the oil cartel is concerned. China’s manufacturing PMI, the key indicator that reflects its production activity, has fallen yet again in May, indicating a significant contraction: it has come down to 49.5 in May, from 50.4 in April; the threshold is 50% and anything below it, is a contraction in the manufacturing sector. The disappointing news from the world’s second largest economy comes in the wake of the OPEC+ holding its meeting, scheduled to be held on June 1 in person, online – ...