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[MARKET ANALYSIS] Oil prices are rangebound after the recent choppy performance and as the geopolitical landscape remains uncertain

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EU lawmakers and member states reached a compromise early on Wednesday to implement a trade pact with the US, aiming to meet President Trump's July 4th deadline and avert threatened tariff hikes, according to AFP

PBoC injects CNY 50bln via 7-day reverse repos with rate maintained at 1.40%

[MARKET ANALYSIS] Oil prices are rangebound after the recent choppy performance and as the geopolitical landscape remains uncertain

PBoC sets USD/CNY mid-point at 6.8397 vs exp. 6.8072 (prev. 6.8375)

Commodity Futures Trading Commission is probing a surge in oil futures trading volume that occurred moments before President Trump postponed strikes on Iran in March, according to WSJ

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WTI/Brent: WTI Jul'26 +0.1% / Brent Jul'26 Flat

  • Oil futures are rangebound overnight following the recent choppy performance and as the geopolitical landscape remains uncertain with US President Trump warning that they could hit Iran again, but is not yet sure, and that Iran is begging to make a deal, while he suggested a timeline for Iran could be early next week. Furthermore, there were reports that the US seized an Iran-linked ship in the Indian Ocean, and Iran's position in talks with the US to end the war was said not to have changed much from earlier iterations that failed to yield progress towards a deal.

Gold: +0.2%

  • Attempted to nurse some of its recent losses and briefly reclaimed the USD 4,500/oz level.

Copper: -0.2%

  • Price action is lacklustre amid the mostly negative risk sentiment following the recent global bond rout.

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