Commodities
US Oil Reserve Hits 44-Year Low as Crude Prices Soar Above $100
The US Strategic Petroleum Reserve (SPR) has fallen to its lowest level in nearly 44 years, with only 285.4 million barrels of crude oil stored as of September 4. This is a significant drop from last year's stockpile of 405.2 million barrels.
The decline is attributed to the US decision to release 172 million barrels from the reserve, according to Reuters. The SPR is now much lower even as oil prices continue to rise.
Crude prices have surged above $100 a barrel, with West Texas Intermediate (WTI) futures reaching $103.50 and Brent crude futures moving above $108 a barrel. This is a concern for the US market, as it has not traded above $100 a barrel since May.