U.S. Oil Reserves Hit 1983 Low

U.S. strategic oil inventories experienced a significant decline of approximately 5.1 million barrels last week, reaching their lowest level since March 1983, at 311.4 million barrels. With this decrease, total inventories have fallen by 104.04 million barrels since the American operations began in February, which aimed to release 172 million barrels. This has impacted the overall U.S. stockpiles, bringing them down to their lowest level since 1984, at 726.2 million barrels as of July 10. Markets continue to await new data to assess the ongoing pressure on energy supplies.

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