US cautious on refilling strategic reserve, oil prices fall.

Oil prices fell on worries of oversupply after US Energy Secretary Jennifer Granholm said refilling the Strategic Petroleum Reserve may take several years. Continued crude supply from Russia to the global market was also weighing on oil, which, together with a lingering anxiety about the banking sector, could push benchmarks to test their lows hit earlier this week. However, strong demand expectations from China capped decreases, with oil demand topping 16 million bpd.