Commodities
US Oil Reserves Hit 40-Year Low Amid Ongoing Supply Disruptions
The U.S. Strategic Petroleum Reserve has hit a new low since 1982, according to the U.S. Department of Energy.
Crude oil reserves in the reserve have fallen to 283.8 million barrels, the lowest level since October 1982.
This reduction is part of a U.S. agreement to release 172 million barrels from the facility.
The decline in prices coincides with the perception that supply volumes through the Strait of Hormuz have not yet returned to pre-war levels.