Oil prices slipped on Thursday, January 22, 2026, after gaining in previous sessions, as investors assessed the supply and demand outlook.
Brent crude was down 28 cents, or 0.43%, at $64.96 a barrel at 0749 GMT, while West Texas Intermediate for March declined 19 cents, or 0.31%, to $60.43 a barrel.
The contracts climbed more than 0.4% on Wednesday following a rise of 1.5% a day earlier, after OPEC+ producer Kazakhstan halted output at its Tengiz and Korolev oilfields due to power distribution issues.
On Wednesday, United States President Donald Trump toned down his rhetoric about Greenland by ruling out the use of force and stepping back from tariff threats aimed at Europe.
The chief researcher for energy and chemicals at China Futures, Mingyu Gao, said the cooling of the rhetoric surrounding Greenland would reduce trade tensions between the U.S. and Europe and is supportive of the global economy and oil demand.
“At the same time, the United States has not ruled out possible military involvement in Iran, which is also supporting oil prices,” Gao said.
Trump said on Wednesday 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 program.
Nigerians spent N1.58tn on petrol in December 2025 — NMDPR
An analyst with online broker IG, Tony Sycamore, said against the backdrop of Greenland and the receding prospect of action in Iran, oil prices should hold at around $60 a barrel.
U.S. crude and gasoline stocks rose, while distillate inventories fell last week, market sources said on Wednesday, citing figures from the American Petroleum Institute.
Crude stocks rose by 3.04 million barrels in the week ended on January 16, according to the API, said the sources, who spoke on condition of anonymity.
The sources added that gasoline inventories rose by 6.21 million barrels, while distillate inventories fell by 33,000 barrels.
Eight analysts polled by Reuters forecast an average rise of about 1.1 million barrels in crude inventories for the week to January 16.
“High crude inventories are limiting further gains in oil prices in an oversupplied market,” an analyst at Haitong Futures, Yang An, said.
