Oil prices recorded modest gains during Thursday’s trading, as easing tensions between the United States and Europe followed a softer tone from U.S. President Donald Trump regarding the Greenland issue, reducing part of the political risk that had weighed on the market. Additional support came from supply disruptions at two major oilfields in Kazakhstan, alongside an improved outlook for global oil demand in 2026.
Brent crude rose to around $65.33 per barrel, while West Texas Intermediate advanced to approximately $60.75 per barrel, extending gains from previous sessions. The market received a notable boost after Kazakhstan, a producer within the OPEC+ group, suspended output at the Tengiz and Korolev fields due to technical issues related to power distribution, once again highlighting supply side vulnerabilities.
On the political front, Trump’s comments signaling progress toward a possible agreement over the Danish territory, while ruling out the use of force, helped ease fears of a broader transatlantic escalation. Analysts believe that any framework agreement could significantly reduce the risk of a large scale trade dispute between the U.S. and Europe, providing support for global economic growth and oil demand.
At the same time, some geopolitical support remains in place, particularly as Washington maintains a cautious stance toward Iran, adding a limited risk premium to prices. Within this context, analysts expect oil prices to remain near the $60 per barrel level unless sharp developments emerge on the political or supply fronts.
Further support came from the latest monthly report by the International Energy Agency, which raised its forecast for global oil demand growth in 2026, pointing to a narrower market surplus in the period ahead.
On the other hand, U.S. inventory data continue to act as a balancing factor. Figures from the American Petroleum Institute showed increases in crude and gasoline stocks, while distillate inventories edged lower, underscoring ongoing supply abundance. Analysts note that elevated inventory levels may limit the potential for sustained upside in oil prices in a market that still leans toward oversupply.
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