Brent Steady Following China Data

Brent crude oil was steady below $108 following the release of Chinese manufacturing data and ahead of US jobs reports. The commodity traded at $107.63 at 6:00 GMT on Tuesday morning.

CNBC reported that China's March PMI figure rose to 50.3 from 50.2 in February. The reading showed a much needed improvement in the nation's factory activity after several months of dismal readings.

However, the improvement was only small and most are reluctant to take the increase as a sign of a turnaround in the nation's economic health. Despite the nation's PMI improvement, analysts are still expecting to see that the Chinese economy slowed in the first quarter.

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Moving forward, investors will be waiting for US nonfarm payrolls data, due out on Friday, for a better picture of US economic health. The world's largest oil consuming nation has posted several disappointing economic indicators recently, which policymakers have attributed to the nation's severe winter. Most are hoping that the nonfarm payrolls data will confirm that the US economy is on track.

Brent could face some downward pressure as geopolitical risk in several oil rich regions could be dissipating. In Libya, where oil exports have been reduced to less than half of normal capacity for months, rebel groups have announced that they may reopen some of the nation's oilfields.

Tension between the West and Russia could also start to thaw as Moscow decreased the number of troops stationed at Ukraine's border.

Western diplomats have been working to convince Russian President Vladimir Putin to withdraw his forces and backtrack on his decision to intervene in Ukraine, so far without avail. However, this pullback could be seen as a positive gesture and improve the relationship between the two sides.