Commodities
US Strategic Petroleum Reserve Hits Multi-Decade Lows
The US Strategic Petroleum Reserve (SPR) has hit multi-decade lows after falling to 298.7 million barrels, down from 304.8 million barrels last week.
This significant drop is bullish for oil markets, but traders are also focused on geopolitical news and the recent EIA report.
The EIA Weekly Petroleum Status Report revealed that crude inventories increased by +17.4 million barrels from the previous week, exceeding analyst forecasts of -1.4 million barrels.