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Fears of an oversupply of oil will plummet... Prices stand at $75
[You must be registered and logged in to see this link.] |Today, 09:24
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Baghdad today - follow-up
Oil prices fell today, Friday, extending the losses of the previous day, due to fears of a possible oversupply, after US Energy Secretary Jennifer Granholm said that it may take years to replenish 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 .
And the two raw materials are still on the way to record weekly gains ranging between three and four percent, to recover from the largest weekly decline in months last week due to the banking sector crisis and fears of a possible recession .
Granholm told members of the House of Representatives on Thursday that it will be difficult to take advantage of lower oil prices this year. Sales under President Joe Biden's direction 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.
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