Oil prices steady on solid job market, tariff uncertainty
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.
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Time of India
39 minutes ago
- Time of India
National interest, not deadline, to dictate US trade deal: Piyush Goyal
NEW DELHI: India will enter into a trade agreement with the US only if its interests are protected and it is able to sustain a tariff advantage over its competitors, while prioritising the interests of farmers, commerce and industry minister said Friday. Tired of too many ads? go ad free now "India has never discussed any trade agreement or even a tranche under any time pressure or under any duress. We have to take care of our national interest, we have to ensure it's a fair deal which gives us a sustained preferential advantage over our competitors... But we are not working towards any specific deadlines, we are working towards national interest," he told TOI in an interview, referring to the July 9 deadline set by US President Trump for trade agreements. No compromise on interests of farm & dairy sectors: Goyal US President Donald Trump had imposed reciprocal tariffs on nearly 100 countries but agreed to a 90-day pause that is to end Tuesday. India was slapped with 26% reciprocal tariffs. There is uncertainty over whether India and US can agree to an early tranche or a mini deal before that even as a comprehensive bilateral trade agreement is negotiated by Fall (Sept-Oct) after a meeting between Trump and PM Modi. For India, lowering tariffs on farm products, such as maize and soybean, as well as dairy products is a concern. While commerce and industry minister Piyush Goyal did not get into the specifics, he said India will not compromise the interests of farm and dairy sectors. "Farmers' interest is always paramount for Modi govt. In any negotiation we have done, you have seen UK, Australia, Mauritius, EFTA and UAE agreements, India's farmers have been protected. " Govt has refrained from offering concessions in major agricultural products, but for US, it is the main focus. Tired of too many ads? go ad free now While some govt officials said US demands were not very clear, for India, Goyal said Indian expectations for duty concessions in labour-intensive sectors were the focus of the trade deal. India was hoping for duty concessions in leather, footwear, textiles and some auto parts in return for reducing levies on automobiles and American whiskey. Besides, India wants to be insulated from future tariff adjustments, including sectoral actions, while getting the benefit of lower duties compared to countries such as China and Vietnam. There are only a handful of countries, including UK, China and Vietnam, that have so far agreed to trade deals with US.
Time of India
an hour ago
- Time of India
Govt to soon introduce rule requiring silent EVs to have vehicle alerting system
New Delhi: In a move to alert pedestrians about approaching electric two and three wheelers, and e-rickshaws, which hardly emit any noise, govt will soon introduce a new regulation requiring manufacturers to have an electronic system that automatically creates sound when these vehicles are moving at speeds of up to 20 kmph. The transport ministry has published a draft automobile industry standard (AIS) for Quiet Road Transport Vehicles (QRTV) requiring fitment of Acoustic Vehicle Alerting System (AVAS). This safety feature primarily is designed for electric and hybrid vehicles emitting artificial sounds to alert pedestrians, cyclists, and other road users about the presence of the vehicle, especially at low speeds where these vehicles are very quiet. When EVs run at higher speed, their tyres generate noise. You Can Also Check: Delhi AQI | Weather in Delhi | Bank Holidays in Delhi | Public Holidays in Delhi Sources said the need for such an alert was felt soon after the introduction of EVs in the country, especially after reports of road accidents involving these vehicles as pedestrians could not spot them early. The AVAS is mandated in electric and hybrid vehicles across several countries, including the European Union, United States, and Japan. While the National Highway Traffic Safety Administration of the US has made this system mandatory for all new EVs sold since September 2020, Europe implemented this regulation in July 2019. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Thị trường có dấu hiệu suy thoái không? IC Markets Đăng ký Undo "Since there is a significant increase in EV penetration, particularly in two and three wheelers, and e-rickshaws, now there is a need to bring this regulation. The matter has been discussed at meetings of the CMVR-TSC, country's apex automotive standard making entity," said a senior official. As per the draft AIS, there may be a mechanism to enable the driver to halt the operation of the AVAS in case of a need. Sources said the standard will be notified soon after completing the consultation process. They added that since this is linked to safety of other road users, govt would have to make this mandatory. "We are carrying out a study on the need of AVAS in electric two-wheelers," said Anoop Chawla, professor of mechanical engineering department at IIT-Delhi. Apex automobile industry body, SIAM had approached IIT-Delhi for the study.
India Today
2 hours ago
- India Today
Why US U-turn on climate goals could be India's moment for clean-tech leap
India may have just been handed the clearest opening yet to emerge as a global clean-tech giant—not by virtue of a new domestic policy stroke or an international alliance but because of a stunning reversal of climate ambition by the United a stormy session in the US Senate chamber, lawmakers voted to dismantle the very foundation of America's landmark climate law, the Inflation Reduction Act (IRA). Once hailed as the boldest climate legislation in US history, the IRA had unlocked over $370 billion in subsidies, tax credits and incentives to power America's clean energy the new budget bill passed by the Senate—pending only House reconciliation and a presidential sign-off—those gains now stand gutted. On July 1 late evening (Washington D.C. time), the voting saw a tie, the bill passed with US vice-president J.D. Vance casting the tie-breaking will now move to the House of Representatives, which may pass it as is or amend it. If amended, it returns to the Senate for another vote. If approved by the House, it then goes to the US president for signature. Republicans have a slim majority, with 220 representatives in the 435-member house. The global climate economy, into which India has been steadily integrating, is already feeling the tremors. But amidst the churn, India stands out as one of the few nations poised to retreat of the United States from its clean energy commitments has the potential to reshape global supply chains, redirect hundreds of billions of dollars in green capital and shift geopolitical influence over climate action. For India, which has been investing heavily in solar manufacturing, EVs, battery storage and green hydrogen, this unexpected vacuum in American leadership presents a strategic opportunity: to step into the role of a manufacturing base, innovation hub and investment magnet in the emerging green order. But whether India can truly seize the moment will depend on how quickly and decisively its government and industry scale of the rollback in the US is staggering. The Senate bill—officially a sweeping tax and immigration package—includes provisions that render the IRA practically toothless. It ends federal tax credits for clean energy, electric vehicles, rooftop solar, home efficiency and clean manufacturing. It terminates the commercial clean vehicle credit and the consumer EV rebate. It phases out the clean energy manufacturing production credit beginning 2031. Simultaneously, the bill extends permanent credits for coal used in steel production and delays by a decade the implementation of a fee on methane leaks from oil and gas facilities. As a final blow, it rescinds funding for environmental justice, endangered species protection and low-carbon infrastructure in underserved implications are as economic as they are environmental. The Congressional Budget Office estimates the Senate bill would add $3.9 trillion to the US deficit over a decade. According to Energy Innovation, a clean energy support entity, power generation capacity will fall by 300 GW by 2035, the US economy will lose $960 billion in cumulative GDP and more than half a million jobs will warn of graver consequences still. 'If the Senate reconciliation bill passes,' says Advait Arun, senior associate for energy finance at the Center for Public Enterprise, New York, 'the GOP has all but guaranteed that Americans will face blackouts and grid failures in the coming years This bill forcibly deindustrialises the country and severely reduces our shared standard of living.'For India, that collapse of confidence in American clean-tech policy opens three big doors: the redirection of climate capital, relocation of manufacturing capacity and repositioning of leadership in multilateral green platforms. First, the capital. Over $370 billion had been unlocked by the IRA, and vast pools of private equity, pension funds and climate-focused institutional investors had coalesced around the US clean energy tax credits repealed and grid modernisation shelved, much of that capital is now seeking stable, policy-backed alternatives. India, with its green bond framework, sovereign climate finance architecture and expanding production-linked incentive (PLI) schemes, fits the bill provided it can absorb the manufacturing. India's ambitions to build a self-reliant clean-tech manufacturing base—bolstered by the Rs 24,000 crore PLI (Production Linked Incentive) for solar and batteries, the Rs 19,744 crore Green Hydrogen Mission and state-level industrial parks—now appear more globally competitive than dominance of the green manufacturing chain has long been acknowledged, but India has quietly emerged as a fast-follower, especially in areas like electric two-wheelers, distributed solar, and electrolyser manufacturing. With the US effectively sidelining itself, India is in prime position to become the supplier of choice for the Global South—and increasingly for Europe, Japan and Australia, all of whom are seeking diversified, democratic alternatives to Chinese green is here that the comparison with China becomes critical. China today controls over 80 per cent of the world's solar wafer and module production, dominates global battery supply chains and has unmatched scale in electrolyser manufacturing. Its mineral refining ecosystem for lithium, cobalt and rare earths is firms have vertically integrated—from mining to manufacturing to deployment—giving them a cost advantage that few can compete with. However, this dominance has also created geopolitical unease. Western nations worry about overdependence on a single country for critical energy components. Supply chain disruptions during Covid-19 and rising trade frictions have only intensified those by contrast, is late to the scale game but arguably better positioned to serve as a diversified, democratic alternative. It lacks China's vertical integration, but offers political alignment with the West, cost-effective labour and a fast-improving logistics and manufacturing India is not yet seen as a hegemon. It can position itself as a partner, not a replacement. Richard Black, director of policy and strategy at global energy think-tank Ember, captured this realignment well. 'Chinese factories are still going to be producing the clean energy goods in increasing demand around the world, with Indian companies in fast pursuit; and while the US government has just decided that it won't be a customer, it's also decided not to be a competitor,' he third opportunity is diplomatic. India's credibility as a climate voice rose during its G20 presidency. Its leadership of the International Solar Alliance (ISA), the Coalition for Disaster Resilient Infrastructure (CDRI) and the newly-formed Global Biofuels Alliance shows it can knit together broad coalitions around energy and sustainability. With the US retreating, India can step up as the principal advocate for an inclusive, just energy transition—one that prioritises affordability, access and employment, not just net-zero question is whether India is ready. Some parts of the answer are encouraging. The Indian clean-tech ecosystem is no longer in its infancy. Adani Green, ReNew Power and Tata Power Solar are among the world's largest renewable asset owners. Vikram Solar and Waaree Energies have ramped up module exports. Ola Electric, Mahindra and Tata Motors are pushing EV adoption deeper into Tier 2 and Tier 3 New Energy and L&T are investing billions into green hydrogen and battery storage. Infosys, TCS and emerging players like Grid Edge are building AI-based smart grid solutions and energy management systems that can be exported to other developing India is not yet firing on all cylinders. Supply chains for critical minerals remain thin. EV penetration is still uneven. Financing for early-stage clean start-ups is sluggish compared to China or the US. Power evacuation infrastructure lags in key solar-rich states. Besides, the overall scale of capital needed to convert this opportunity is significant: industry estimates suggest India will need to mobilise Rs 2.5 lakh crore to Rs 3 lakh crore (roughly $30-35 billion) over the next five years to scale up manufacturing, build export zones and underwrite risk in frontier clean technologies. Much of that will need to come from global green capital—through sovereign funds, blended finance vehicles, and ESG (environmental, social and governance)-focused infrastructure is here that policy must step in. A new Green Investment Platform, combining the balance sheets of IREDA, NIIF, SBI, and REC, can act as a one-stop shop for investors looking for certainty in Indian climate infrastructure. PLI 2.0 should be rolled out to include energy software, smart grids, carbon tracking systems, and AI-based energy optimisation—areas where India has a comparative SEZs, with fast-track clearances and export corridors, can be established in Gujarat, Tamil Nadu, Odisha and Maharashtra. And perhaps most urgently, a 'Clean Innovation Migration Visa' could invite displaced US clean-tech entrepreneurs, engineers and researchers to set up in India's innovation clusters, including Hyderabad, Pune and is not idle speculation. American stakeholders themselves acknowledge what the bill has unleashed. 'This bill gives up on the present and future of American manufacturing,' said Mike Williams of the Center for American Progress, an independent policy institute. 'It kills investments in clean industries that have been driving domestic manufacturing growth This is a gift to other nations who are furiously working towards beefing up their clean-tech capacities.'Manish Bapna of the Natural Resources Defense Council (NDRC) added: 'This measure props up the dirty and expensive technologies of the past while strangling the clean energy investments creating millions of jobs Republicans are punishing the plentiful wind and solar power that can be quickly added to the grid.'India must remember that this opportunity, while monumental, is also fragile. The same global investors now fleeing US policy volatility are watching India's actions closely. Delay, fragmentation or over-centralisation could spook capital. Likewise, any backsliding on India's own climate targets, or politicisation of the clean energy transition, could blunt its if India can maintain focus, scale up rapidly and speak with one voice on the global stage, it stands to gain not just market share but narrative power. In the 20th century, India missed the hardware revolution and caught up only late to the telecom boom. Clean-tech could be different. It could be the first global industrial transformation that India shapes from the front—technologically, economically and US decision to gut its climate law may have dire consequences for the planet. But it has inadvertently thrown down the gauntlet. India must now decide whether it wants to lead this century's green industrial revolution or watch from the to India Today Magazine- EndsMust Watch
