US Oil Reserve Hits 44-Year Low as Crude Prices Soar Above $100

The US Strategic Petroleum Reserve (SPR) has hit a 44-year low, with stocks falling to 285.4 million barrels in the week ending September 4.

This is a significant drop from last year's levels, when the reserve held 405.2 million barrels, meaning the US has lost almost 120 million barrels - or around 30% of its stock - in just 12 months.

The decline in the SPR is linked to a major US decision to release oil from the reserve, with 172 million barrels drawn down according to Reuters.

Meanwhile, crude prices have surged above $100 per barrel, with West Texas Intermediate (WTI) jumping more than $8 in just one week and reaching $103.12 per barrel on September 7.