Oil prices were little changed on Friday as a solid job market bolstered the case for the US Federal Reserve keeping interest rates on hold, with investors also awaiting clarity on President Donald Trump’s plans for tariffs on various countries.
Brent crude futures rose 1 cent, or 0.01 per cent, to $68.81 a barrel by 0036 GMT, while US West Texas Intermediate crude firmed 3 cents, or 0.04 per cent, to $67.03.
Trade was thinned by the US Independence Day holiday.
The US labour market receded as a risk when new data on Thursday showed that American firms added a more-than-expected 147,000 jobs in June and the unemployment rate unexpectedly fell to 4.1 per cent – signs the economy remained resilient despite the turbulence and uncertainty over how big tariffs will be.
President Trump said Washington will start sending letters to countries on Friday specifying what tariff rates they will face on goods sent to the United States, a clear shift from earlier pledges to strike scores of individual deals.
Trump told reporters before departing for Iowa on Thursday the letters would be sent to 10 countries at a time, laying out tariff rates of 20 per cent to 30 per cent.
Trump’s 90-day pause on higher US tariffs ends on July 9, and several large trading partners have yet to clinch trade deals, including the European Union and Japan.
Keeping prices in check, however, OPEC+, the world’s largest group of oil producers, is set to announce an increase of 411,000 barrels per day in production for August as it looks to regain market share, four delegates from the group told Reuters.
The US also imposed sanctions on Thursday against a network that smuggles Iranian oil disguised as Iraqi oil and on a Hezbollah-controlled financial institution, the Treasury Department said.
Barclays on Thursday said it raised its Brent oil price forecast by $6 to $72 per barrel for 2025 and by $10 to $70 a barrel for 2026 on an improved outlook for demand.
