EBC Markets Briefing | Oil steadies around 2-month high on travel hopes

Oil prices remained steady on Tuesday, near two-month highs, due to expected rising fuel demand from the travel season.

Oil prices were little changed on Tuesday, holding near the two-month highs reached in the previous session, on expectations for rising fuel demand from the travel season.

The American Automobile Association has forecast that travel during the holiday period will be 5.2% higher than in 2023 as the summer travel season picks up with the Independence Day holiday this week.

On the supply side, markets were planning for possible disruptions. Forecasts currently show Hurricane Beryl likely moving into Mexico's Bay of Campeche and causing problems for oil production there.

US factory activity contracted slightly for a third straight month in June thanks to high borrowing costs, restrained business investment in equipment and uneven consumer spending.

The Caixin manufacturing purchasing managers index climbed to 51.8 last month, the strongest reading since May 2021. Even so, worries over the outlook for the world’s second largest economy remained.

The prospects for overseas shipments are uncertain amid rising trade barriers erected by major partners while businesses and consumers are reluctant to spend amid property woes and tough labour market.

Brent crude is facing the resistance at $88 hit in April but more tailwinds might be necessary for a decisive jump above that. The continuation of rally from the current level will hinge on if $84.5 is respected.

EBC Financial Market Forecast Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC Economic Research Findings or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.

Regulation: FCA (UK), ASIC (Australia), CIMA (Cayman Islands)
read more
Why Silver could be the precious metal of 2025

Why Silver could be the precious metal of 2025

The gold bar is metallic yellow and slightly behind the silver bar, which is metallic white and positioned in front. Gold may still be the headline act, but silver’s no longer content playing second fiddle. In 2025, silver isn’t just glittering - it’s surging forward as one of the most exciting metals on the market.
Deriv | 18h 8min ago
Risk-on sentiment fades as tariffs return to the spotlight 

Risk-on sentiment fades as tariffs return to the spotlight 

Dollar surrenders gains posted after robust labour market report; Trump celebrates US budget bill approval; scheduled to sign it today; Most Fed members feel more comfortable as July rate cut is priced out; Oil steadies near $66, gold rally retains momentum;
XM Group | 21h 49min ago
ATFX Market Outlook 4th July 2025

ATFX Market Outlook 4th July 2025

The U.S. economy added 147,000 jobs in June, beating expectations of 110,000, while the unemployment rate fell to 4.1%. Traders are now betting that the Fed is unlikely to cut rates before September. Meanwhile, the House narrowly passed Trump's major fiscal bill by a vote of 218 to 214. U.S. stocks rallied on Thursday, hitting fresh record highs.
ATFX | 1 day ago
Nonfarm payrolls take center stage

Nonfarm payrolls take center stage

Slide in US private payrolls raise concerns about NFP miss - US strikes trade deal with Vietnam ahead of July 9 deadline - Pound feels the heat of fiscal shenanigans - S&P 500 hits fresh record high ahead of jobs report
XM Group | 1 day ago
Rate Shifts Steer FX Markets as Silver Holds Strong

Rate Shifts Steer FX Markets as Silver Holds Strong

On July 3, silver stays firm above $35.40 as Fed cut bets persist. EUR/USD holds near 1.1800, while GBP/USD lingers near 1.3585 ahead of UK jobs data. JPY strengthens after BoJ signals a hawkish pause. AUD/USD slips on weak trade surplus. Focus turns to US NFP and ISM data for market direction before the US holiday break.
Moneta Markets | 1 day ago