Crude oil futures traded higher on Thursday morning after US President Donald Trump said that he would not impose tariffs on Europe over the Greenland issue.
At 9.56 am on Thursday, March Brent oil futures were at $65.34, up by 0.15 per cent, and March crude oil futures on WTI (West Texas Intermediate) were at $60.77, up by 0.25 per cent. February crude oil futures were trading at ₹5586 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday against the previous close of ₹5569, up by 0.31 per cent, and March futures were trading at ₹5595 against the previous close of ₹5583, up by 0.21 per cent.
In a post on the social media platform Truth Social, Trump said: “Based upon a very productive meeting that I have had with the Secretary General of NATO, Mark Rutte, we have formed the framework of a future deal with respect to Greenland and, in fact, the entire Arctic Region. This solution, if consummated, will be a great one for the United States of America, and all NATO Nations. Based upon this understanding, I will not be imposing the Tariffs that were scheduled to go into effect on February 1st.”
Markets had expressed concerns over Trump’s tariff threats on European nations, as such tariffs would have impacted the global economic growth.
Meanwhile, International Energy Agency’s (IEA) Oil Market Report for January said that the global oil demand growth is forecast to average 930,000 barrels a day in 2026, up from 850,000 barrels a day in 2025, reflecting a normalisation of economic conditions after last year’s tariff turmoil and lower oil prices than a year ago. A recovery in petrochemical feedstocks demand will be partially offset by a continued slowdown in gasoline gains. Non-OECD countries will once again account for all of the growth in 2026, the report said.
The report said that the world oil supply is now projected to rise by 2.5 million barrels a day this year to 108.7 million barrels a day, following an increase of 3 million barrels a day in 2025. Non-OPEC+ accounts for 1.8 million barrels a day of the gains in 2025 and 1.3 million barrels a day in 2026.
February natural gas futures were trading at ₹335.80 on MCX during the initial hour of trading on Thursday against the previous close of ₹320.60, up by 4.74 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), February guargum contracts were trading at ₹10815 in the initial hour of trading on Thursday against the previous close of ₹10694, up by 1.13 per cent.
April dhaniya futures were trading at ₹11926 on NCDEX in the initial hour of trading on Thursday against the previous close of ₹11968, down by 0.35 per cent.
Published on January 22, 2026
