America’s stockpile of crude oil has dropped to the lowest level in more than four decades.
According to the US Department of Energy, the US Strategic Petroleum Reserve declined by 6 million barrels last week to 298.7 million. Data from the Energy Information Administration shows that’s the first time the stockpile has dipped below 300 million barrels since 1983.
The US began the year with around 415 million barrels in the reserve, but that’s come down as the Trump administration has released more crude into the market to offset disruptions from the Iran war.
Markets have been hopeful that the Strait of Hormuz could soon reopen after comments from Trump and other officials last week suggested a deal was close. However, over the weekend, Trump said that the US was content to let the economic toll of the war bring Iran back to the negotiating table.
Max Adams | Business Insider