- Oil prices steadied as Greenland tensions eased and supply issues persisted globally
- West Texas Intermediate stayed above $60 per barrel after a slight rise on Wednesday
- President Trump paused tariffs on Europe over Greenland, citing potential agreement progress
Oil steadied as geopolitical tensions over Greenland cooled, and traders tracked an array of supply issues from Kazakhstan to Venezuela.
West Texas Intermediate held above $60 a barrel after a modest rise on Wednesday, with Brent crude closing near $65. US President Donald Trump said he would hold back from imposing tariffs on Europe over the Arctic island, saying the framework of a potential agreement had been reached.
The International Energy Agency on Wednesday maintained its view that global supply would outpace demand by a wide margin this year, although it nudged up its estimate for demand growth. In the US, one of the most data-transparent markets for oil, nationwide stockpiles rose by 3 million barrels last week, according to the American Petroleum Institute, an industry group.
Wider output issues continued to weigh on the outlook. The Caspian Pipeline Consortium terminal is set to restart, pushing loadings higher just as Venezuelan supply makes its way back into the global market. Indian private refiner Reliance Industries Ltd., meanwhile, has once again purchased Russian crude, with deliveries in February and March.
Prices:
- WTI for March delivery fell 0.3% to $60.47 a barrel at 7:47 a.m. in Singapore.
- Brent for March settlement closed 0.5% higher at $65.24 a barrel.
Also Read: India 'Geared Down and Stopped' Russian Oil Imports, Says US Treasury Secretary Bessent
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