Oil falls as US holds off refilling strategic reserve

Oil prices extended losses on Friday on worries about a potential oversupply after U.S. Energy Secretary Jennifer Granholm said refilling the country's Strategic Petroleum Reserve (SPR) may take several years, News.Az reports citing Reuters. 

Brent crude fell 24 cents, or 0.32%, to $75.67 a barrel by 0412 GMT, while U.S. West Texas Intermediate crude futures slipped 24 cents, 0.34%, to $69.72 a barrel.

Both benchmarks, which fell about 1% on Thursday, were still on track for a weekly gain of about 3%-4%, recovering from their biggest weekly declines in months last week due to the banking sector crisis and worries about a possible recession.


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