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US releases 89M barrels from reserve
Reports indicate that the United States has released over 89 million barrels of oil from its strategic reserves, a step that accounts for half of its commitment to mitigate the effects of the conflict in the Middle East. As of the end of June, the total U.S. reserve stood at 326 million barrels, the lowest level since 1983. Washington has also pledged to gradually release 172 million barrels to address the shortage of oil exports from the Gulf. Additionally, commercial oil inventories decreased last week, leading to a decline in global oil prices, with Brent crude dropping to $71.33 and WTI to $68.25.
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