Oil prices fall on Friday, record weekly gains

24/03/2023 Argaam

Oil prices fell on March 24 amid continued evaluation of monetary policy prospects and their repercussions on the global economy.

 

US Energy Secretary Jennifer Granholm said it could take years for the US to refill the Strategic Petroleum Reserve, after sales directed by President Joe Biden last year pushed the stockpile to its lowest level since 1983.

 

The US drilling rig count rose four units to 593 in the week ended March 24, General Electric Co.’s Baker Hughes energy services firm said in its closely followed report on Friday.

 

Brent futures for May delivery settled 1.2% or $0.92 lower at $74.99 a barrel, with weekly gains of 2.7%.

 

West Texas Intermediate (WTI) crude for May delivery closed 1% or $0.70 lower at $69.26 a barrel.

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