Oil edges up after Trump steps backs from tariff threats over Greenland

Oil prices edged up on Thursday, after U.S. President Donald Trump ratcheted down tension with Europe over his demand for Greenland, while disruptions in supply from two large fields in Kazakhstan and a better demand outlook for 2026 lent support.
Brent crude was up 9 cents, or 0.14%, at $65.33 a barrel by 0320 GMT. West Texas Intermediate for March rose 13 cents, or 0.21%, to $60.75 a barrel.

The contracts climbed more than 0.4% on Wednesday, following the previous day’s rise of 1.5%, after OPEC+ producer Kazakhstan halted output at its Tengiz and Korolev oilfields because of issues regarding power distribution.

Also on Wednesday, Trump suggested a deal was in sight over the Danish territory, while ruling out use of force to end a dispute that had risked the worst rupture in transatlantic relations in decades.
A pact on Greenland would reduce downside risks from a U.S.–Europe trade war and is supportive of the global economy and demand for oil, said Mingyu Gao, chief researcher for energy and chemicals at China Futures Co Ltd.