Oil prices slide on rising US supply outlook
Oil prices fell as traders shifted focus to the outlook for rising supplies in the United States and other regions, while the recent furore over Greenland eased.
Global benchmark Brent crude declined roughly 1 percent, trading below $65 a barrel in London. U.S. crude stockpiles increased by 3 million barrels last week, according to the industry-funded American Petroleum Institute, News.Az reports, citing Bloomberg.
Official inventory data are expected later Thursday.
Kazakhstan, meanwhile, is nearing relief from weeks of export constraints as repairs at a key Black Sea oil-loading facility approach completion. A backlog of cargoes at the Caspian Pipeline Consortium terminal is easing.
Venezuelan shipments are returning to the global market, while Indian refiner Reliance Industries Ltd. has once again purchased Russian crude, with deliveries in February and March.
The International Energy Agency, which advises major economies, nudged up its estimate for oil demand growth on Wednesday, but maintained its view for a major glut this year.
Oil ticked higher in the opening weeks of 2026 amid a brief wave of unrest in Iran, a major member of the Organization of the Petroleum Exporting Countries, and the interruptions to shipments from Kazakhstan.
On Wednesday, US President Donald Trump said he would hold back from imposing tariffs on Europe over Greenland, saying the framework of a potential deal had been reached.
“The geopolitical temperature has eased a few degrees,” said Ole Sloth Hansen, a strategist at Saxo Bank A/S in Copenhagen. But with a range of supply threats unresolved, and colder weather set to bolster US demand, prices will likely “hold firm.”
By Nijat Babayev
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