{"id":14000,"date":"2026-01-20T13:44:54","date_gmt":"2026-01-20T13:44:54","guid":{"rendered":"https:\/\/microvibenews.com\/?p=14000"},"modified":"2026-01-20T13:44:54","modified_gmt":"2026-01-20T13:44:54","slug":"oil-swings-as-traders-weigh-greenland-crisis-and-supply-outlook","status":"publish","type":"post","link":"https:\/\/microvibenews.com\/?p=14000","title":{"rendered":"Oil swings as traders weigh Greenland crisis and supply outlook"},"content":{"rendered":"

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Oil swung between small gains and losses as traders weighed the fallout from the US push for Greenland.<\/p>\n

Brent traded near $64 a barrel. President Donald Trump unleashed fresh social media attacks against allies, with European leaders signaling a strong response to potential US tariffs over the semi-autonomous territory of Denmark.<\/p>\n

The escalation of tensions has pressured stock markets, helped send gold and silver to record highs and raised the specter of a US-EU trade war that could dent global growth. But the impact on crude prices has been muted.<\/p>\n

\u201cGrowth concerns as a result of tariff threats weigh on risk sentiment,\u201d said Giovanni Staunovo, a commodity analyst at UBS Group AG. \u201cOil is \u2014 like equity markets \u2014 not immune to it.\u201d<\/p>\n

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Oil remains under pressure from concerns about supply out-pacing demand, with the International Energy Agency forecasting a major overhang of more than 3.8 million barrels a day this year. But supply disruptions have helped support prices, with Kazakhstan\u2019s largest oil producer recently halting production at the Tengiz and Korolev fields after two fires at power generators.<\/p>\n

\u201cThe outlook for a large surplus suggests prices should trend lower, while the potential for a further escalation in US-EU tensions poses further downside risk,\u201d said Warren Patterson, head of commodities strategy at ING Groep NV.<\/p>\n

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Ahead of his Wednesday address in Davos, Trump renewed his push for Greenland, claiming the European Union wouldn\u2019t resist too much. \u201cWe have to have it,\u201d the president said, referring to the island.<\/p>\n

Elsewhere, Middle Eastern crude prices are diverging, with heavier grades growing cheaper relative to lighter barrels \u2014 a shift that\u2019s encouraging Asian refiners to favor medium and sour crudes to boost margins.<\/p>\n\n\n\n\n
Prices:<\/th>\n<\/tr>\n
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  • Brent for March settlement added\u00a00.8%<\/span>% to $64.47<\/span>\u00a0a barrel at 12:07 p.m. in London<\/li>\n
  • WTI for February delivery, which expires on Tuesday, gained\u00a01%<\/span>% to $60.06<\/span>\u00a0a barrel.\n
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    • Prices didn\u2019t settle on Monday due to a US holiday<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

      \u00a9 2026 Bloomberg<\/p>\n

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