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Stocks of crude oil in the U.S. Strategic Petroleum Reserve fell to 283.8 million barrels last week, the lowest level since October 1982, according to data from the Department of Energy.The drawdowns are part of a U.S. agreement to release 172 million barrels from the facility.
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US cash crude grades broadly fell on Monday, dealers said, on hopes of supply disruptions in the Middle East easing. Meanwhile, a total of 17 commodity vessels transited the Strait of Hormuz on the weekend, down from 37 a week earlier, shipping data showed on Monday, as tension in the Gulf persisted with the US and Ira
CRUDE OIL STOCKS IN US STRATEGIC PETROLEUM RESERVE FALL TO LOWEST LEVEL SINCE 1982
Crude oil stocks in the U.S. Strategic Petroleum Reserve fell to 285 million barrels last week, the lowest level since November 1982, according to U.S. Department of Energy data. The drawdowns are part of an agreement to release 172 million barrels from the facility.
U.S. stocks fell Tuesday as crude oil extended higher, pushing the 10-year Treasury yield above 4.8% and reviving bets the Federal Reserve could raise rates next week. The Dow led declines, while Amgen was the biggest drag.
Not so long ago, oil prices were firmly in the triple digits, with investors stressing over their further prospects and inflationary effects. Yet, as of the start of Q3, the benchmark crude has slipped back below the levels before the outbreak of the Iran war. Net speculative length, according to Eric Nuttall, a Senior