Opec last week opted to keep formal production quotas in place partly because of encouraging economic data out of China, the world's No. 2 energy consumer (IOD May29,p1). But is the Chinese economy on course for a rebound? Latest data show that manufacturing grew for the third month in a row in May, with the official Purchasing Managers' Index closing at 53.1 last month, after 53.5 in April. Anything above 50 indicates an expansion.
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