RoydadNaft –  Crude oil prices edged slightly higher on Thursday after the U.S. President backed away from threats to impose tariffs in his push to acquire Greenland—a move that reduced the risk of a trade war between the United States and Europe and supported the global economic outlook as well as oil demand prospects.

According to Roydad Naft, as of 02:25 GMT, Brent crude was up $0.10, or 0.15%, at $65.34 per barrel. At the same time, WTI crude for March delivery rose $0.14, or 0.23%, to $60.76 per barrel.

Oil futures contracts had also gained ground on Tuesday and Wednesday following the halt in production at Kazakhstan’s Tengiz and Korolev oil fields due to power distribution issues.

President Trump also ruled out the use of military force and indicated that an agreement to resolve the dispute over the Danish territory of Greenland appears to be in the works, although the details of any such deal remain unclear.

Nevertheless, rising U.S. inventories of crude oil and petroleum products continue to exert downward pressure on prices, even as the global oil demand outlook for 2026 has strengthened.