By Shariq Khan
BENGALURU (Reuters) – Oil prices fell 1% on Thursday, reversing early gains after U.S. Energy Secretary Jennifer Granholm told lawmakers that replenishing the Strategic Petroleum Reserve (SPR) English) of the country can take several years.
Granholm’s comments fueled concerns about potential oversupply, especially as the Energy Department plans to proceed with an additional release of 26 million barrels as part of its congressional mandate, UBS analyst Giovanni Staunovo said.
Brent crude fell 78 cents, or 1%, to settle at $75.91 a barrel. US Crude Oil (WTI) fell $0.94, or 1.3%, to end the session at $69.96 a barrel.
Benchmark oil contracts had risen about 1% before Granholm’s comments, supported by a weaker dollar and higher gasoline prices.
(Reporting by Shariq Khan, Additional reporting by Shadia Nasralla, Jeslyn Lerh)
#Oil #price #falls #points #hurry #replenish #strategic #reserves #ISTOÉ #DINHEIRO