US Strategic Petroleum Reserves fall to lowest level since 1987

The volume of US strategic reserves fell by five million barrels last week, the US Department of Energy said. The price of oil has been rising for several days in a row and earlier this week it was close to the $116 per barrel mark.

Consequence of Joe Biden’s decision

The United States now has 538 million barrels of oil in storage, the lowest level since 1987, the U.S. Department of Energy said. This is a consequence of the decision of US President Joe Biden, who released a huge amount of oil into the market in order to reduce its price. Expensive oil has been contributing to accelerating inflation for many months, which has reached the highest levels in the US in 40 years.

Further price increase

But this measure seems to have helped only in the short term. Brent crude was trading at nearly $116 a barrel earlier this week, and North American WTI crude was also rising. Its price climbed by a quarter to just under $114 a barrel.

Analysts are concerned that low US storage will lead to further price increases for black gold on the global market. The price of oil is also being pushed up by looming uncertainty over the possible imposition of an embargo on Russian oil by the European Union.

author avatar
EditorialTeam
The Trader-Magazine.com EditorialTeam is a collective of certified financial analysts, active traders, and cryptocurrency experts. Our mission is to transform complex market data (forex, equities, indices) into accessible financial education. All content undergoes rigorous, multi-level fact-checking to ensure we deliver only accurate, objective information for your trading and investment decisions.

Top 10 financial instruments for 2022. What will their prospects be in 2023?

The year 2022 has brought countless surprises and obstacles...

Telegram scams: how they work and how to protect yourself

Telegram has become one of the most widely used...

Trump Saved TikTok from a Ban. The App in the U.S. Moves into American Hands

TikTok narrowly avoided a ban in the United States...

Gulf Brokers Ltd. Review

Comparing spreads, commissions, trading platforms, rules and reading dozens...

Climate Change Poses Major Risks to Financial Markets, Regulator Warns

WASHINGTON — A top financial regulator is opening a...

Qualified Purchaser Explained: Who Qualifies and Why the Status Matters

Private equity funds, hedge funds and other alternative investments...

WSJ: Authentic Brands Group Is Interested in Acquiring Toy Manufacturer Mattel

American company Authentic Brands Group, which specializes in the...

What Stocks Pay Dividends? How to Identify Sustainable Payers

For investors looking for regular income, one question tends...

OpenAI Unveils Dots, AI Agents for Continuous Unsupervised Work

OpenAI today, at its developer conference, introduced new autonomous...

How to Buy Government Bonds: Direct Purchase, Funds and the Trade-Offs

Government bonds are often associated with stability, predictable income...

Shein Shares Plunge by Up to 14 Percent to a Low Following Quarterly Profit Decline

Shares of Shein, the online fast-fashion retailer, plunged by...

Chipmaker AMD acquires AI firm World Labs for over eight billion dollars

U.S. chipmaker Advanced Micro Devices (AMD) has agreed to...

How to Invest $100K: A Framework Based on Time Horizon and Risk Capacity

Receiving, saving or accumulating $100,000 creates an attractive investment...
spot_img

spot_imgspot_img