Share
Home Sector Markets Crude oil prices steady above $68.55 amid Trump’s tariff announcements, job market resilience

Crude oil prices steady above $68.55 amid Trump’s tariff announcements, job market resilience

Trump's letters detail tariff rates ranging from 20 percent to 30 percent for 10 countries simultaneously
Crude oil prices steady above $68.55 amid Trump’s tariff announcements, job market resilience
The U.S. labor market's risk profile diminished as American companies added an unexpected 147,000 jobs in June.

Oil prices exhibited minimal fluctuations on Friday as a robust job market strengthened the argument for the U.S. Federal Reserve to maintain interest rates at their current levels. Investors remained on the lookout for clarity regarding President Donald Trump’s tariff plans affecting various nations.

Brent crude futures experienced a slight increase of 1 cent, or 0.01 percent, reaching $68.81 a barrel by 00:36 GMT (currently trading above $68.55). Meanwhile, U.S. West Texas Intermediate crude rose by 3 cents, or 0.04 percent, to $67.03 (currently trading above $66.9). Trading activity was subdued due to the U.S. Independence Day holiday.

The U.S. labor market’s risk profile diminished as new data released on Thursday revealed that American companies added an unexpected 147,000 jobs in June. Additionally, the unemployment rate fell unexpectedly to 4.1 percent—indications that the economy remains resilient despite the ongoing turbulence and uncertainty surrounding the potential impact of tariffs.

Read more: Oil prices fall 0.71 percent to $68.62 on concerns over weak U.S. demand

New tariff letters issued

President Trump announced that Washington would commence sending letters to various countries on Friday, detailing the tariff rates applicable to goods sent to the United States. This marked a clear departure from previous commitments to negotiate numerous individual trade agreements. Trump informed reporters before his departure for Iowa on Thursday that letters would be dispatched to 10 countries simultaneously, specifying tariff rates ranging from 20 percent to 30 percent.

Trump’s 90-day suspension of increased U.S. tariffs is set to conclude on July 9, and several major trading partners, including the European Union and Japan, have yet to finalize trade deals.

OPEC+ production increase

In terms of price stabilization, OPEC+, the largest consortium of oil producers globally, is preparing to announce an increase of 411,000 barrels per day in production for August as it seeks to reclaim market share, according to four delegates from the group who spoke to Reuters.

Additionally, the U.S. imposed sanctions on Thursday against a network involved in smuggling Iranian oil that was disguised as Iraqi oil, as well as against a financial institution controlled by Hezbollah, as reported by the Treasury Department.

On Thursday, Barclays raised its Brent oil price forecast by $6 to $72 per barrel for 2025 and by $10 to $70 per barrel for 2026, citing an improved outlook for demand.

The stories on our website are intended for informational purposes only. Those with finance, investment, tax or legal content are not to be taken as financial advice or recommendation. Refer to our full disclaimer policy here.