Oil prices decline on Friday

Oil prices decreased following U.S. energy secretary Jennifer Granholm statements on Friday that refilling U.S. Strategic Petroleum Reserve (SPR) may take several years.

Brent crude settled down at $74.99, while West Texas Intermediate (WTI) crude fell to $69.26 a barrel on Friday.

U.S. energy department had announced last October its plan to buy oil for SPR when prices at or below $67-$72 per barrel.

It was expected this measurement would encourage drillers to increase their supply. Buying oil back for SPR should also strengthen the country’s energy security.

However, Granholm statements during Financial Stability Oversight Council had eroded hopes the federal government would become a significant oil buyer.

“This year it will be difficult for us to take advantage of this low price,” Granholm had previously said during a congressional hearing.