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Oil drops 1% as US in no rush to refill strategic reserve

BENGALURU (Reuters) -Oil prices settled 1% lower on Thursday, reversing early gains after U.S. Energy Secretary Jennifer Granholm told lawmakers that refilling the country's Strategic Petroleum Reserve (SPR) may take several years. Granholm's comments fed worries about potential oversupply, especially as the Energy Department plans to proceed with an additional release of 26 million barrel as part of its congressional mandate, UBS analyst Giovanni Staunovo said. Brent crude futures fell by 78 cents, or 1%, to settle at $75.91 a barrel.
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