Oil Steadies With Iran and Trump’s Greenland Threat to the Fore
(Bloomberg) — Oil recovered from earlier losses to trade little changed as the market weighed the fallout from US President Donald Trump’s threat to annex Greenland, while tensions over Iran cooled.
Brent (BZ=F) traded above $64 a barrel. Trump’s announcement of tariffs on some European nations over Greenland rippled through global markets: stocks fell, while gold and silver hit records as investors sought havens.
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Iranian Supreme Leader Ayatollah Ali Khamenei acknowledged for the first time that several thousand people died in recent anti-government demonstrations. While accusing the US and Israel of aiding the killings, he said Iran doesn’t intend to push the country toward war.
Oil has been under pressure in recent quarters from concerns about supply outpacing demand, with the International Energy Agency forecasting an overhang of more than 3.8 million barrels a day this year. Still, supply disruption remains a threat: Kazakhstan’s largest oil producer has temporarily shut production at the Tengiz and Korolev fields as a precautionary measure after two fires at power generators.
The premium on Brent’s nearest contract over futures for the following month has roughly doubled since the start of the year to about 70 cents a barrel, a sign of short-term market tightness.
“Despite the pressure on flat price, the prompt ICE Brent timespread remains firm, suggesting some tightness in the spot physical market,” ING Groep NV analysts said in a report.
On Monday, volumes are set to be lower than usual due to a holiday in the US.
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