Oil Rebounds Slightly, Trump's Greenland Tariffs Overshadow Global Demand
Oil Cuts Losses But Remains Pressured by Trade Risks, Easing Supply Concerns
Oil prices pared losses in recent trading after falling around 1% earlier in the session. Market participants are now focused on monitoring escalating tensions over Greenland, which have reignited concerns about a trade war and its impact on global demand.
Brent oil fell 0.3% to $63.94/barrel. WTI weakened 0.2% to $59.30/barrel.
Sentiment remained subdued after US President Donald Trump threatened to impose 10% tariffs on several European countries starting February 1. This move rekindled concerns that a renewed trade dispute could depress economic activity and ultimately reduce energy consumption.
"Additional tariffs could weigh on global growth expectations and undermine confidence in the crude oil demand outlook," said Christopher Tahir of Exness.
On the supply side, price pressure also came from easing fears of supply disruptions from Iran. Reports suggest that US action in the region has been delayed, reducing the risk of supply disruptions in the near term—and this has contributed to the price correction. (yds)
Source: Newsmaker.id
