Oil Steady as Trump Threatens Greenland While Iran Tensions Wane

Group 1 - Oil prices have decreased, with Brent crude falling below $64 a barrel as tensions regarding Iran have eased and traders are assessing the implications of President Trump's Greenland annexation threat [1][2] - The International Energy Agency has projected a significant oversupply of more than 3.8 million barrels per day for the year, contributing to downward pressure on oil prices [3] - Kazakhstan's largest oil producer has temporarily halted production at the Tengiz and Korolev fields due to precautionary measures following two fires, indicating potential supply disruptions [3] Group 2 - The premium on Brent's nearest contract over futures for the following month has increased to about 70 cents a barrel, indicating short-term market tightness despite overall price pressure [4] - ING Groep NV reported that the prompt ICE Brent timespread remains firm, suggesting some tightness in the spot physical market [4] - Trading volumes may be lower than usual due to a holiday in the US, which could affect market dynamics [4]