Oil prices retreated on Thursday after U.S. President Donald Trump reversed earlier threats to impose tariffs on NATO allies over their backing of Greenland’s sovereignty, easing a geopolitical risk premium that had supported crude earlier in the week. U.S. benchmark Oil – US Crude (WTI) slipped below the $60 per barrel threshold, recently trading around $59.66, down roughly 1.6% intraday, while international marker Oil – Brent Crude fell under $65. The pullback reflects investors reassessing the likelihood of trade-related supply disruptions tied to U.S.-European tensions over Denmark’s autonomous territory, with markets refocusing on underlying demand conditions and broader macroeconomic signals.
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Over the past month, Oil – US Crude has gained about 4.96%, indicating that the latest drop comes after a period of steady appreciation, likely driven by shifting expectations around global demand and OPEC+ supply management. Despite today’s decline, its 1-day technical outlook still points to a Buy signal, suggesting short-term momentum remains constructive. Oil – Brent Crude has risen approximately 5.34% over the last month, reinforcing the view that the current weakness may represent a consolidation within an uptrend rather than a full reversal; its 1-day technical reading likewise indicates a Buy stance. Investors can explore more updates, prices, and analysis across global markets at Commodities.