Oil markets stabilize amid Greenland tariff backdown – ING

Oil markets were calm yesterday, with Brent rising just under 0.5% as easing US-EU trade tensions supported prices, ING's commodity expert Warren Patterson notes.

Supply surplus expected to persist through 2026

"Oil markets were calmer yesterday, with ICE Brent settling just shy of 0.5% higher. A de-escalation in trade tensions between the US and EU provided some support to the market after President Trump backed down on his threat of tariffs over Greenland."

"There were also some supportive factors in the IEA’s monthly Oil market report. The agency revised its Oil demand growth estimates for 2026 from 860k b/d to 930k b/d, reflecting more normalised economic conditions and lower Oil prices. However, the IEA still expects the market to remain in large surplus through 2026."