Oil steadies as investors assess US tariff threats over Greenland
Brent futures for March shed 11 cents, or 0.17%, at $63.83 a barrel at 0918 GMT, while the U.S. West Texas Intermediate crude contract for February was down 49 cents, or 0.8%, at $58.95.
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Trump’s tariff threats over Greenland will not have an immediate impact on the oil balance, said PVM analyst Tamas Varga, adding that prices gained support from an upward revision of this year’s global economic growth estimate by the International Monetary Fund and stronger diesel prices.
CHINA DATA SUPPORTS OIL
The oil market is also finding some support from better-than-expected fourth-quarter Chinese gross domestic product data released on Monday, said IG market analyst Tony Sycamore.
“This resilience in the world’s top oil importer provided a lift to demand sentiment,” he said.
Markets are also keeping a close eye on Venezuela’s oil sector after Trump said the U.S. would run the industry after its capture of Nicolas Maduro.
Vitol offered Venezuelan oil to Chinese buyers at discounts of about $5 per barrel to ICE Brent for April delivery, multiple trade sources said.
Reporting by Enes Tunagur in London; Additional reporting by Anushree Mukherjee in Bengaluru and Jeslyn Lerh in Singapore; Editing by Alexander Smith
Our Standards: The Thomson Reuters Trust Principles.
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