Economy Update
Recent data from the United States has shown a notable increase in the country’s strategic reserves of crude oil, which now stand at 395.6 million barrels as of last week.
This figure marks the highest level of reserves recorded since November 2022, highlighting a significant development in the nation’s energy policy.
The U.S. Energy Information Administration (EIA) reported that the strategic crude oil reserves rose by 275,000 barrels during the week ending March 7.
In response to this announcement, oil prices experienced a 2% increase in trading on Wednesday. This surge followed statements from the U.S. government indicating a reduction in fuel stocks over the past week.
Domestic crude oil inventories climbed to 435.2 million barrels, reflecting an increase of 1.4 million barrels from the previous week. Conversely, gasoline stocks saw a significant decline, dropping by 5.7 million barrels to reach 241.1 million barrels.
Additionally, stocks of distillation products fell by approximately 1.6 million barrels, totaling 117.6 million barrels at the close of last week, according to EIA data.
This update arrives on the heels of reports indicating an overall rise in crude oil stocks and distillation products, juxtaposed with a reduction in gasoline supplies.
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