Oil Prices Steady in Asia as Trump Eases Tariff Rhetoric and Inventory Data Weighs

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Oil prices.

Oil prices were little changed during Asian trading on Thursday, as markets reacted to a softening in rhetoric from US President Donald Trump over Greenland while continuing to assess rising US crude inventories and recent supply disruptions.

Brent crude futures for March delivery edged up 0.1 per cent to $65.31 a barrel, while West Texas Intermediate (WTI) crude gained 0.2 per cent to $60.74 a barrel.

Both benchmarks have posted modest gains over the past two sessions, supported by supply concerns after OPEC+ producer Kazakhstan halted production at the Tengiz and Korolev oil fields on Sunday.

Market sentiment improved after President Trump abruptly backed away from earlier threats to impose tariffs on European countries as part of efforts to pressure them over the status of Greenland. On Wednesday, Trump ruled out the use of force and said a framework agreement was forthcoming, easing fears of a sharp escalation in tensions between the United States and the European Union 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 signals on supply and demand fundamentals.

Meanwhile, the American Petroleum Institute reported that US crude oil inventories rose by 3.04 million barrels in the week ending 16 January, following an increase of more than 5 million barrels the previous week.

Gasoline inventories climbed by 6.21 million barrels, pointing to weak demand, while distillate stocks — including diesel and heating oil — fell slightly by 33,000 barrels.


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