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US SPR Drops to 40-Year Low as Oil Surges Past $100 on Supply Shocks

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The Story

News Summary

  • The U.S.
  • Strategic Petroleum Reserve dropped to 285.4 million barrels, its lowest since 1982.
  • Amid tightening commercial stockpiles, drone attacks on Saudi pipelines and rising geopolitical friction propelled WTI and Brent crude above $103 and $108 per barrel, respectively, with U.S.
  • refinery utilization nearing 98%.
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