Oil prices fell on Friday, continuing the losses from the previous day, due to concerns over a potential supply glut after U.S. Energy Secretary Jennifer Granholm indicated that refilling the U.S. Strategic Petroleum Reserve could take years.
As of 00:39 GMT, Brent crude futures dropped by 48 cents, or 0.6%, to $75.43 per barrel, while West Texas Intermediate (WTI) futures decreased by 52 cents, or 0.7%, to $69.44 per barrel.
Both crude types are still on track to register 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 potential recession.
Granholm told members of the House of Representatives on Thursday that it would be difficult to take advantage of low oil prices this year.
In October, the White House announced it would start repurchasing oil for the Strategic Petroleum Reserve when prices fall within the range of $67 to $72 per barrel or lower.
Sales directed by President Joe Biden last year pushed oil inventories to their lowest levels since 1983.
