Oil prices rose on Tuesday after better-than-expected economic growth data from China, amid President Donald Trump’s tariff threats to European nations.<\/p>\n
Perytskyy | Istock | Getty Images<\/p>\n
Oil prices rose on Tuesday on the temporary suspension of output at Kazakhstan’s oil fields and \u200bexpectations of firmer global economic growth that could drive fuel demand.<\/p>\n
Investors continued to monitor U.S. President Donald \u200cTrump’s tariff threats against European states that oppose his push to acquire Greenland.<\/p>\n
Brent<\/a> futures gained 98 cents, or 1.53%, to close at $64.92 a barrel. The U.S. West Texas Intermediate<\/a> crude contract for February, which expires on Tuesday, rose 90 cents, or 1.51%, to settle at $60.34.<\/p>\n Kazakh oil producer Tengizchevroil, led by \u200cChevron, said on Monday it had temporarily halted production at the Tengiz and Korolev oilfields after \u200ban issue affected power distribution systems.<\/p>\n Tengiz could be halted for another seven to 10 days, cutting crude exports via the Caspian Pipeline Consortium, sources told Reuters on Tuesday.<\/p>\n “Tengiz is amongst the largest fields in the world and so the \u200doutage is certainly disruptive for crude flows,” said Ajay Parmar, director of energy and refining at ICIS. “But this disruption does look to be temporary, and so if the tariffs rhetoric continues, we expect prices to fall back,” he said.<\/p>\n The oil market also drew support \u2060from better-than-expected fourth-quarter Chinese gross domestic product data released on Monday, said IG market analyst Tony Sycamore.<\/p>\n “This resilience in \u200dthe world’s top oil importer provided a lift to demand sentiment,” he said.<\/p>\n China’s economy grew by 5% last year and the country’s refinery throughput \u200cin \u200c2025 climbed 4.1% on a year-over-year basis, data showed on Monday. China’s crude oil output also grew 1.5%.<\/p>\n Prices also gained on an upward revision of this year’s global economic growth estimate by the International Monetary Fund as well as stronger diesel prices, said PVM analyst Tamas Varga.<\/p>\n A sliding dollar has also supported prices, as a weaker U.S. currency could boost oil \u2060demand by making dollar-denominated purchases \u2060cheaper.<\/p>\n Fears of a renewed trade war escalated over the weekend after Trump said he would impose additional 10% levies from February 1 on goods imported from EU members Denmark, Finland, France, Germany, Sweden and the Netherlands, as well as Britain and Norway, rising to \u200d25% on June 1 if no deal on Greenland was reached.<\/p>\n Trump’s tariff threats have a negative bearing on crude prices as the levies could lead to lower global economic growth and therefore reduce oil demand growth, said Parmar of ICIS.<\/p>\n European Commission President Ursula von der Leyen \u200bsaid on Tuesday that the bloc’s executive arm is working on \u200da package to support Arctic security and that the tariffs are a mistake.<\/p>\n","protected":false},"excerpt":{"rendered":"Oil prices rose on Tuesday after better-than-expected economic growth data from China, amid President Donald Trump’s tariff threats…\n","protected":false},"author":3,"featured_media":530865,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[133,64,81,79,152483,3346,135,3345,67,132,68,108600],"class_list":{"0":"post-530864","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-breaking-news-markets","9":"tag-business","10":"tag-business-news","11":"tag-economy","12":"tag-ice-brent-crude-oct25","13":"tag-investment-strategy","14":"tag-markets","15":"tag-oil-and-gas","16":"tag-united-states","17":"tag-unitedstates","18":"tag-us","19":"tag-wti-crude-sep25"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/115929954681110371","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/530864","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=530864"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/530864\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/530865"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=530864"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=530864"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=530864"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}