Oil prices steady on solid job market, tariff uncertainty
Brent crude futures rose 1 cent, or 0.01 per cent, to US$68.81 a barrel by 0036 GMT, while US West Texas Intermediate crude firmed 3 cents, or 0.04 per cent, to US$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 US$6 to US$72 per barrel for 2025 and by US$10 to US$70 a barrel for 2026 on an improved outlook for demand.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
3 hours ago
- New Straits Times
AirAsia-Airbus aircraft deal supports Malaysia's aspiration to be Asia's leading aviation hub
PARIS: The signing of an agreement between AirAsia and Airbus for the purchase of A321XLR aircraft will further strengthen the airline's operational capabilities for short- and medium-haul routes, said Prime Minister Datuk Seri Anwar Ibrahim. Speaking after witnessing the signing ceremony here on Friday, Anwar said the acquisition will not only enable the airline to expand its network but also support Malaysia's aspiration to emerge as a leading aviation hub in Asia. AirAsia is buying US$12.25 billion (RM51.72 billion) worth of long-range Airbus 321XLR aircraft, with deliveries confirmed by 2028. The low-cost carrier inked a memorandum of understanding (MoU) with Airbus in Paris today for 50 A321XLRs with conversion rights for another 20 A321XLRs, the new fleet of which are targeted to serve Central Asia, the Middle East and Europe, among others. The prime minister also witnessed the MoU exchange between 3P Capital Advisers and Ardian, a leading private investment firm from France, for the exploration of investment opportunities in the private markets. The private sector initiative can give Malaysians a wider access to alternative investments, Anwar said. Meanwhile, during his meeting with Imerys, an industrial mineral processing company that has been operating in Malaysia for over 25 years, Anwar said the company expressed its commitment to expand operations and support the development of a high-value, environmentally-friendly manufacturing sector in the country. In addition, Anwar held a meeting with the management of Arkema, a global leader in specialty chemicals, which is evaluating potential new investments in Malaysia. He said the company can potentially create more high-skilled jobs, expedite technology transfer, and enhance Malaysia's position as a major bioeconomy hub in the Asian region. Also present were Transport Minister Anthony Loke Siew Fook, Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz, and Foreign Minister Datuk Seri Mohamad Hasan. Anwar is leading a Malaysian delegation to the French capital in conjunction with a two-day official visit to the country. – Bernama
Malaysia Sun
3 hours ago
- Malaysia Sun
Malaysian authorities dismantle Islamic State-linked funding network
Xinhua 04 Jul 2025, 17:45 GMT+10 KUALA LUMPUR, July 4 (Xinhua) -- Malaysian authorities have dismantled an Islamic State-linked funding network operating in the country, which mainly relied on Bangladeshi nationals working in Malaysia, Inspector-General of Police Mohd Khalid Ismail said on Friday. According to Bernama, Mohd Khalid told a press briefing that the group collected funds by charging an annual membership fee, as well as other voluntary contributions based on members' financial means. The group's members were working in labor sectors such as factories, construction sites, and petrol stations across Malaysia. "The funds collected were then transferred abroad using e-wallet applications and international money transfer services," he said, adding that no Malaysians were found to be involved. Mohd Khalid added that the group also used social media platforms and messaging apps to recruit new members.
New Straits Times
3 hours ago
- New Straits Times
AirAsia inks US$12.25b Airbus deal to add long range jets
KUALA LUMPUR: AirAsia has signed an agreement to buy US$12.25 billion (RM51.72 billion) worth of long-range Airbus 321XLR aircraft, with deliveries confirmed by 2028, said Capital A Bhd chief executive officer Tan Sri Tony Fernandes. He said the low-cost carrier inked a memorandum of understanding (MoU) with Airbus in Paris today for 50 A321XLRs with rights for 20 A321XLRs, the new fleet of which are targeted to serve Central Asia, the Middle East and Europe, among others. "This will probably make us one of the largest users of the XLR aircraft, the 321XLR, and is really the next stage of our transformative growth in terms of creating the world's first low-cost multihub network carrier. "This will enable us to fly to Europe, and we're hoping to launch our first European flight this year," he said during Capital A's virtual media briefing on Friday, in conjunction with the agreement signing ceremony. The agreement was signed between Fernandes and Airbus Commercial Aircraft chief executive officer Christian Scherer, witnessed by Prime Minister Datuk Seri Anwar Ibrahim. Fernandes said the next-generation A321XLRs will operate alongside AirAsia's all-Airbus fleet of A320 Family and A330 aircraft, and aims to carry 150 million guests annually by 2030, reaching a cumulative total of 1.5 billion guests since inception. He said AirAsia plans to finance the aircraft order through bank leases. Fernandes also confirmed that the group is set to announce another aircraft order next month, but declined to provide further details. Meanwhile, he said the group is working to issue its first bond by October this year. "This is the first time in our history that we've been rated by international credit rating agencies. "As interest rates begin to moderate, which I'm hopeful will happen soon, it's only natural for us to return to our traditional model of owning aircraft. "Previously, we shifted from the financing markets to operating leases due to high interest rates and strong capital availability in the leasing space. We're now reassessing that strategy," he said. On Capital A's proposed regularisation and restructuring plan, Fernandes said the company is expecting to resubmit the decision letter to Thailand's Securities and Exchange Commission within the next week or two. "Once we dispose of the aviation business, Capital A will effectively exit Practice Note 17 (PN17)," he said. He said that six of the group's non-airline businesses, namely Asia Digital Engineering (ADE), Teleport, AirAsia MOVE, OTA, BigPay, Santan, and AirAsia Brand Co (ABC) are currently exploring the possibility of a dual listing in Hong Kong. As for Capital A, it is also considering a dual listing and independent capital raising. However, Fernandes said "the AirAsia Group itself will not be listed in Malaysia". – Bernama
