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U.S. Crude Oil Reserves Drop to Lowest Level Since 1983
U.S. crude oil inventories dropped to the lowest level since 1983, decreasing by 3 million barrels to 316.5 million barrels over the past week, as part of an American agreement to withdraw 172 million barrels from stockpiles. Overall, inventories declined by a total of 123.9 million barrels to 730.8 million barrels, the lowest level since 1984, following a sustained decline in stocks since the start of the U.S.-Israeli war on Iran in February.
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