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What is the story about?
Oil prices steadied as geopolitical tensions cooled over Greenland, and traders tracked Kazakhastan to Venezuela supply issues.
West Texas Intermediate held over $60 a barrel post a modest increase on Wednesday, with Brent crude ending near $64.
US President Donald Trump said he would hold back from imposing tariffs on Europe over the Arctic island, saying the framework of a potential agreement had been reached.
The International Energy Agency on Wednesday maintained its view that global supply would outpace demand by a wide margin this year, although it nudged up its estimate for demand growth. In the US, one of the most data-transparent markets for oil, nationwide stockpiles rose by 3 million barrels last week, according to the American Petroleum Institute, an industry group.
Wider output issues continued to weigh on the outlook. The Caspian Pipeline Consortium terminal is set to restart, pushing loadings higher just as Venezuelan supply makes its way back into the global market. Indian private refiner Reliance Industries Ltd., meanwhile, has once again purchased Russian crude, with deliveries in February and March.
Also Read:Asian shares rise as Trump touts Greenland deal
West Texas Intermediate held over $60 a barrel post a modest increase on Wednesday, with Brent crude ending near $64.
US President Donald Trump said he would hold back from imposing tariffs on Europe over the Arctic island, saying the framework of a potential agreement had been reached.
The International Energy Agency on Wednesday maintained its view that global supply would outpace demand by a wide margin this year, although it nudged up its estimate for demand growth. In the US, one of the most data-transparent markets for oil, nationwide stockpiles rose by 3 million barrels last week, according to the American Petroleum Institute, an industry group.
Wider output issues continued to weigh on the outlook. The Caspian Pipeline Consortium terminal is set to restart, pushing loadings higher just as Venezuelan supply makes its way back into the global market. Indian private refiner Reliance Industries Ltd., meanwhile, has once again purchased Russian crude, with deliveries in February and March.
Also Read:Asian shares rise as Trump touts Greenland deal
