Oil Prices Steady Amid Greenland Tensions, Surplus Concerns

• Oil prices remained stable as traders observed US actions regarding Greenland and global surplus worries.
• West Texas Intermediate (WTI) held near $59 a barrel, while Brent crude closed below $64.
• US President Donald Trump's interest in Greenland has impacted markets, weakened the dollar, and fueled US-EU trade war fears.
• Crude prices face pressure from oversupply, with OPEC+ increasing output and Middle Eastern physical grades declining.
• Despite overall glut concerns, regional supply tightness persists due to issues at the Caspian Pipeline Consortium and Kazakhstan's Tengiz oil field.

Why It Matters: Oil prices are stable, balancing geopolitical tensions over Greenland with global oversupply fears.