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Oil prices stable on strong job market and tariff uncertainty

The oil prices were not much changed on Friday, as the U.S. Federal Reserve kept interest rates at the same level due to a strong job market. Investors are also waiting for clarity regarding President Donald Trump's tariff plans against various countries.

Brent crude futures rose by 1 cent or 0.01% to $68.81 per barrel at 0036 GMT. U.S. West Texas Intermediate crude gained 3 cents or 0.04% to $67.03.

The U.S. Independence Day is a holiday.

The U.S. Labour Market receded from the list of risks when data released on Thursday showed American firms had added more than 147,000 jobs, and that the unemployment rate dropped to 4,1%. This is a sign the economy has remained resilient in spite of the uncertainty and turbulence over the size and scope tariffs.

The President said that Washington will begin sending letters to other countries on Friday, specifying the tariff rates they'll face on goods shipped to the United States. This is a significant shift from his earlier promises to reach scores of individual agreements.

Trump said to reporters on Thursday, before leaving for Iowa, that he would send 10 letters at once to ten countries, each containing tariff rates ranging from 20% to 30%.

Trump's 90 day pause in raising U.S. Tariffs ends on the 9th of July, and many large trading partners are yet to sign trade agreements. This includes the European Union and Japan.

OPEC+ - the world's biggest group of oil producers - is expected to announce a production increase of 411,000 barrels a day for August in order to regain market shares, according to four delegates.

Treasury Department: The U.S. imposed sanctions against Hezbollah controlled financial institutions and a network which smuggles Iranian crude oil under the guise of Iraqi oil.

Barclays said on Thursday that it had raised its Brent Oil price forecast for 2025 by $6 per barrel to $72 and for 2026 by $10 to $70, citing an improved outlook on demand. (Reporting from Arathy S. Somasekhar, Houston; Editing and proofreading by Tom Hogue.)

(source: Reuters)