Oil prices slipped on Thursday, reversing the previous sessions’ gains, after U.S. President Donald Trump softened threats against Greenland and Iran, ?and as investors assessed ?the supply and demand outlook.
Brent ?crude as down $1.07 cents, or 1.6%, at $64.17 U.S. a barrel early Thursday. West Texas Intermediate for March declined $1.02 cents, or 1.7%, to $59.60 a barrel.
The contracts climbed more than 0.4% on Wednesday following a rise ?of 1.5% ?a day earlier, after OPEC+ producer Kazakhstan halted output ?at its Tengiz and Korolev oilfields due to power distribution issues.
On Wednesday, ?Trump ruled out the use of force to acquire Greenland and stepped back from tariff threats aimed at European allies.
Trump also said he hoped there would be no further U.S. military action in Iran, but added the United States would act if Tehran resumed its nuclear programme.
Against the backdrop of Greenland and the receding prospect of action in Iran, oil prices should hold at around $60 a barrel, said Tony Sycamore, an analyst with online broker IG.
Also Wednesday, Trump said he believed “we’re reasonably close” to a deal to end the war between Russia and Ukraine, adding he would meet Ukrainian President Volodymyr Zelenskiy later in the day.
An end to the war would likely result in the removal of U.S. sanctions on Russia, which would limit supply disruptions and weigh down prices.
The International Energy Agency revised its 2026 global oil demand ?growth forecasts higher on Wednesday in its latest monthly oil market report, suggesting a slightly ?narrower surplus this year.
