Oil prices saw a notable increase today, Thursday, following US President Donald Trump’s retreat from his threats to impose tariffs. This move is seen as an attempt to de-escalate the situation regarding Greenland, which reduces the likelihood of a trade war between the United States and Europe. This development is considered positive for the global economy in general, and it supports the demand for oil.
By 02:25 GMT, Brent crude recorded an increase of 10 cents, or 0.15%, to reach $65.34 per barrel. At the same time, West Texas Intermediate crude for March delivery rose by 14 cents, or 0.23%, to $60.76 per barrel.
It is worth mentioning that the contracts rose by more than 1.5% on Tuesday and more than 0.4% on Wednesday. This increase came after Kazakhstan, a member of the “OPEC+” alliance, announced the suspension of production in two oil fields on Sunday due to problems in electricity distribution.
