New York March 25 2023: Oil prices settled lower on Friday as European banking shares fell and after U.S. Energy Secretary Jennifer Granholm said refilling the country's Strategic Petroleum Reserve (SPR) may take several years, dampening demand prospects.
Brent crude settled down 92 cents, or 1.2%, to $74.99. West Texas Intermediate U.S. crude futures fell 70 cents, or 1%, to $69.26 a barrel.
Both benchmarks rose this week as banking sector turmoil eased. Brent futures rose 2.8% in the week while U.S. crude futures rose 3.8%. Last week, both benchmarks posted their biggest declines in months.