English
Oil declines, but records weekly gains, with the assessment of US crude reserves
Oil prices fell today, Friday, with European bank shares falling, and after US Energy Secretary Jennifer Granholm said that it could take years to refill the US Strategic Petroleum Reserve, which undermines demand expectations.
Brent crude fell 92 cents, or 1.2 percent, to $74.99 a barrel, and West Texas Intermediate crude futures rose 70 cents, or 1%, to $69.26 a barrel.
The two benchmarks rose this week after the banking sector turmoil subsided
Brent crude futures rose 2.8% this week, while US crude futures rose 3.%. Both benchmarks recorded their biggest drop in months last week
Bank stocks fell in Europe, with Deutsche Bank and UBS Group severely affected by fears of continuing the worst problems in the sector since the financial crisis in 2008.
And US Treasury Secretary Janet Yellen held a meeting that was not previously on the agenda of the Financial Stability Monitoring Board on Friday morning.
