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Oil prices were lower today. Bad data out of the Chinese manufacturers dampened sentiment today as manufacturing activity unexpectedly fell in April. “We continue to be at the mercy of sentiment surrounding a Chinese recovery or the lack thereof, while the backdrop in the U.S. of ongoing monetary tightening leaves us in the ‘bad is good’ realm when it comes to economic data or newsflow,” said Kpler analyst Matt Smith. On the flip side travel data out of the PRC was strong, with 19.7 million railway trips made on the first day of the May Day holiday as residents make their first trips since the easing of Covid restrictions. The US Federal Reserve is set to meet tomorrow and Wednesday where they are expected to raise rates slightly and likely pause future increases. WTI traded down $1.12 or -1.5% to close at $75.66. Brent traded down $1.02 or -1.3% to close at $78.45.