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.
Welcome to our latest update on crude oil prices. In this video, we delve into the recent movements in the oil market, focusing on why oil prices are stabilizing around a two-month high and what factors are contributing to this trend.
As the world gradually recovers from the pandemic, travel restrictions are easing, leading to a resurgence in global travel. This increased mobility is boosting oil demand, driving prices higher. We'll explore how these travel hopes are influencing the market and what the future might hold for crude oil prices.
We also examine the impact of global economic recovery on oil demand. As economies rebound, the energy demand is surging, further supporting higher oil prices. We'll look at key economic indicators and their correlation with the current trends in the oil market.
Additionally, we'll discuss supply dynamics, including OPEC+ production decisions, U.S. shale output, and other geopolitical factors affecting oil supply. Understanding these elements is crucial to comprehending the full picture of the oil market.
Stay tuned for an in-depth analysis and insights into the factors driving crude oil prices to their current levels. Make sure to like, subscribe, and hit the notification bell to stay updated with our latest videos.
Crude Oil Prices | Oil steadies around two-month high on travel hopes.
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 or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
🔔 Subscribe for more updates and market insights!
👍 Like this video if you found it helpful!
💬 Comment your thoughts and questions below!
SUBSCRIBE NOW to EBC Financial Group YouTube Video Channel
[ Ссылка ]
Follow Us
Facebook ► ebcgroupglobal
Instagram ► ebc.global
Twitter ► ebcgroup_global
LinkedIn ► ebcgroup
#oil #oilprices #crudeoil #oilprice #crudeprice #crudeoilprices #oilmarket #TravelHopes #economicrecovery #opec #oildemand #globaltravel #energymarket #OilSupply #markettrends #oilindustry #fuelprices #energynews #commodities #investment #financialnews #OilPriceUpdate #investing #investor #inflation #equity #investors #market #ebc #news #newschannel
