Oil prices were little changed in Asian trading on Thursday after U.S. President Donald Trump stepped back from tariff threats over Greenland, while investors digested a build in U.S. crude inventories and recent supply disruptions.
As of 22:07 ET (03:07 GMT), Brent Oil Futures expiring in March edged up 0.1% to $65.31 per barrel, while West Texas Intermediate (WTI) crude futures gained 0.2% to $60.74 per barrel.
Both contracts rose modestly in the last two sessions, supported by supply concerns after OPEC+ producer Kazakhstan halted output at its Tengiz and Korolev oilfields on Sunday.
Get in-depth commodity insights and price forecasts with InvestingPro Trump backs down on Greenland tariff threats Market sentiment improved after Trump abruptly softened his stance on Wednesday over Greenland, backing away from threats to impose tariffs on European nations as leverage to annex the Danish territory.
Trump ruled out the use of force and said a deal framework was in sight, easing fears of a sharp escalation in U.S.–EU tensions that could have weighed on global growth and energy demand.
The de-escalation helped stabilise broader risk sentiment, though oil markets remained cautious amid mixed supply and demand signals.
US crude stocks rise further - API The American Petroleum Institute (API) said U.S. crude inventories rose by 3.04 million barrels in the week ended Jan. 16, after jumping over 5 million barrels in the week before.
Gasoline stocks climbed by 6.21 million barrels, pointing to softer demand, while distillate inventories, which include diesel and heating oil, fell by 33,000 barrels.
On the demand side, oil prices found some support after the International Energy Agency revised higher its forecast for global oil demand growth in 2026 on Wednesday, however, the IEA still expects the market to remain in large surplus through 2026.
