Oil prices fell today, Friday, extending the losses of the previous day, due to fears of a possible glut in supply, after the US Secretary of Energy, Jennifer Granholm, said that it may take years to refill the US strategic oil reserves.
And by 0039 GMT, Brent crude futures fell 48 cents, or 0.6 percent, to $ 75.43 a barrel, and West Texas Intermediate crude futures fell 52 cents, or 0.7 percent, to $ 69.44 a barrel.
The two benchmarks are still on track to record weekly gains ranging between three and four percent, recovering from the largest weekly decline in months last week due to the banking sector crisis and fears of a possible recession.
On Thursday, Granholm told members of the House of Representatives that it would be difficult to take advantage of lower oil prices this year.
Sales directed by President Joe Biden last year pushed oil stocks to their lowest since 1983.
The White House announced in October that it would buy back oil for the Strategic Petroleum Reserve when prices were in the range of $67-$72 a barrel or lower.