China’s Weak Manufacturing Data Doesn’t Faze Oil-Focused Investors

China’s manufacturing sector continued to slow in January, but global markets rallied Tuesday on the heels of rising oil prices. ‘What’s helping the markets at the moment is almost a sense of stability within the oil markets,’ said James Hughes, chief market analyst at GKFX, based in London. ‘The $30 level is acting as a bit of a magnet for the markets.’ China’s Purchasing Managers’ Index stood at 49 in January, falling short of economists’ estimates. Prices for West Texas Intermediate gained almost 2 percent, eclipsing $34 a barrel. TheStreet’s Scott Gamm reports from Wall Street.