Oil prices unchanged, but uncertainty raises tariff return

Oil prices on the New York Mercantile Exchange are largely unchanged. Solid US job data supported market optimism, but the possibility of reintroducing higher US tariffs raises questions about demand for the commodity. Investors await a weekend decision by OPEC+ countries on next month's oil supply quotas

A barrel of West Texas Intermediate crude for delivery on VIII is trading at $66.99 on the NYMEX in New York, down 0.01 percent.

Brent on ICE on VIII is trading at $68.7 per barrel, down 0.15 percent.

Solid US labour market data for June released on Thursday fuelled investor optimism and strengthened arguments for keeping interest rates on hold by the US Federal Reserve.

Still, uncertainty about tariffs looms large in the market. A 90-day pause in the implementation of higher U.S. tariffs ends July 9, and several major trading partners have yet to strike trade deals, including the European Union and Japan, raising concerns about the economy and fuel demand.

U.S. President Donald Trump said Thursday that Washington will begin sending letters to countries on Friday setting tariff rates for goods shipped to the United States, a sharp shift from earlier promises to strike a slew of individual deals.

Investors are also waiting for the weekend meeting of the OPEC+ alliance, during which a decision will be made on the production policy of this group of countries for August. The market expects OPEC+ to agree to increase production by 411 thousand barrels per day.

A surprise rise in U.S. crude inventories also fueled market concerns about demand in the world's largest consumer of crude. The U.S. Department of Energy (DoE) said Wednesday that U.S. crude inventories rose by 3.85 million barrels, or 0.93 percent, to 418.95 million barrels last week.

Barclays said on Thursday it had raised its Brent crude oil price forecast by $6 to $72 per barrel for 2025 and by $10 to $70 per barrel for 2026 on improving demand prospects. (PAP Biznes)

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