Oil prices fell on Friday, extending the previous day's losses, on worries about potential oversupply after U.S. Energy Secretary Jennifer Granholm said refilling the country's Strategic Petroleum Reserve (SPR) may take several years.
Brent crude futures slid 48 cents, or 0.6%, to $75.43 a barrel by 0039 GMT, while U.S. West Texas Intermediate crude futures dropped 52 cents, or 0.7%, to $69.44 a barrel.
"There is a sell-off from the view that the United States will not refill oil reserve even if the WTI prices are at $67-$72 a barrel," said Hiroyuki Kikukawa, general manager of research at Nissan Securities.on Thursday that it will be difficult to take advantage of the low price this year. Sales directed by President Joe Biden last year pushed the stockpile to its lowest level since 1983.
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