Oil prices rose today after the U.S. president backed away from threats to impose tariffs as part of his efforts to gain control of Greenland, reducing the likelihood of a trade war between the United States and Europe, according to Reuters.

Brent crude rose by 0.15 percent to $65.34 a barrel.

U.S. West Texas Intermediate crude climbed by 0.23 percent to $60.76 a barrel.

Futures had gained more than 1.5 percent on Tuesday and more than 0.4 percent, after Kazakhstan, a member of the OPEC+ group, halted production at two oil fields on Sunday due to power distribution problems.