FX.co ★ Brent Nudges Higher

Brent crude oil futures rose above $65 per barrel on Thursday, marking the fourth consecutive session of gains. This upward trend was bolstered by easing geopolitical tensions, which alleviated some of the potential downside risks to energy demand. President Trump announced a delay in imposing tariffs on Europe following progress towards a framework agreement regarding the Arctic island, and he dismissed the use of military intervention. Additional momentum was provided by a force majeure at a significant Kazakh oilfield, with production at two major fields potentially remaining halted for another week. Meanwhile, lackluster Venezuelan exports indicated a sluggish recovery in output. However, these supply concerns were mitigated by oversupply fears, as the International Energy Agency (IEA) confirmed that global oil supply is poised to considerably outstrip demand this year, despite a modest upward revision in its demand growth forecast. Industry reports also indicated that U.S. crude inventories increased by approximately 3 million barrels last week.