Oil prices slid about 2% on Thursday after U.S. President Donald Trump softened threats against Greenland and Iran, and as investors assessed the supply-demand outlook.Brent futures fell $1.01, or 1.6%, to $64.23 a
Oil prices slid about 2% on Thursday after U.S. President Donald Trump softened threats against Greenland and Iran, and as investors assessed the supply-demand outlook.
Brent futures fell $1.01, or 1.6%, to $64.23 a barrel at 11:26 a.m. EDT (1626 GMT). U.S. West Texas Intermediate (WTI) crude fell 96 cents, or 1.6%, to $59.66 a barrel, headed for its lowest close since January 15.
Trump said he had secured total and permanent U.S. access to Greenland in a deal with NATO, whose head said allies would have to step up their commitment to Arctic security to ward off threats from Russia and China.
Trump also backed off tariff threats and ruled out taking Greenland by force, moderating a stance that had caused a rupture in transatlantic ties.
"There is a deflation of risk premium related to the Greenland debacle and Iran supply risk has also been reduced," said Ole Hansen, chief commodity analyst at Saxo Bank.
Trump said he hoped there would be no further U.S. military action in Iran, but added the U.S. would act if Tehran resumed its nuclear programme.
Iran, operating under sanctions, is the third biggest crude producer in the Organization of the Petroleum Exporting Countries
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