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Financial Times

Crude prices fall as US holds off on replenishing reserves

US Energy Secretary Granholm states it will take years to refill the country's strategic stockpiles, leading to a fall in oil prices on Friday.

US Energy Secretary Granholm states it will take 'years' to refill the country's strategic stockpiles.
Brent crude falls by 4% to $72.68 a barrel, West Texas Intermediate falls by a similar margin to $66.82 a barrel.
Congressional sale of 26 million barrels and maintenance work at two of the four sites are to blame for the delay in refilling the reserves.
Granholm indicates the Biden administration will struggle to make significant crude purchases this year.
The SPR currently holds 372 million barrels of crude, its lowest level since 1983.

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