Oil futures have begun stabilizing amid contrasting pressures as concerns over weak economic growth in China overshadow the impact of halted production in Libya.
China's financial difficulties, shown through disappointing PMI data and sluggish growth in export orders and home prices, significantly influence short-term crude pricing.
The disruptions in Libyan oil production, exacerbated by political tensions and the National Oil Corp declaring force majeure, are critical concerns for supply stability.
Market participants are keenly awaiting the U.S. Manufacturing PMI report, as a positive outcome could boost industrial activity and energy demand, benefiting crude prices.
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