SINGAPORE: Oil prices held steady on Friday, supported by stronger-than-expected US jobs data that suggested the Federal Reserve may keep interest rates unchanged. Markets were also watching for clarity on former President Donald Trump’s upcoming tariff plans targeting multiple countries.
By 0036 GMT, Brent crude futures had inched up by just 1 cent to $68.81 a barrel, while US West Texas Intermediate (WTI) crude rose 3 cents to $67.03.
Trading activity remained subdued due to the US Independence Day holiday.
Fresh data released on Thursday showed US employers added 147,000 jobs in June, surpassing forecasts. The unemployment rate also fell unexpectedly to 4.1 per cent, indicating continued resilience in the American economy despite ongoing uncertainty over tariffs and global trade tensions.
Former President Trump, speaking before his departure to Iowa, said the US would begin sending letters on Friday to various countries, outlining tariff rates of 20 to 30 per cent on their exports to the US.
The move marks a shift away from earlier pledges to negotiate individual trade deals.
Trump’s 90-day pause on implementing higher tariffs is due to expire on July 9. Major trading partners including the European Union and Japan have yet to finalise trade agreements with Washington.
Meanwhile, oil prices were kept in check by expectations that OPEC+ will raise its output by 411,000 barrels per day in August, as the alliance aims to recover lost market share. Four delegates confirmed the production increase to Reuters.
In a related development, the US Treasury Department on Thursday announced sanctions targeting a network accused of smuggling Iranian oil disguised as Iraqi shipments, as well as a Hezbollah-linked financial institution.
Separately, Barclays raised its Brent crude forecast by $6 to $72 a barrel for 2025, and by $10 to $70 a barrel for 2026, citing a stronger outlook for global oil demand.
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