Oil prices were lower today, reversing earlier gains as comments from the US Secretary of Energy sent prices lower. Secretary Granholm told lawmakers that it could take years to refill the SPR. Granholm’s comments fed worries 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. The dollar index slipped to its lowest today since February 3rd. Supporting prices, RBOB gasoline futures hit a 10-day high today after yesterday\u2019s 6MM\/bbl draw, the largest since September 2021. WTI traded down $.94 or -1.3% to close at $69.96. Brent traded down $.78 or 1% to close at $75.91.<\/p>\n\n\n\n
Oil prices were lower today, reversing earlier gains as comments from the US Secretary of Energy sent prices lower.<\/p>\n","protected":false},"author":2,"featured_media":8776,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-9075","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n