U.S. Crude Oil Inventory Hits Historic Low of 712 Million Barrels, Lowest Since March 1984

BlockBeats News, August 8th, the U.S. crude oil inventory is experiencing an unprecedented decline: the total inventory has been decreasing for 17 consecutive weeks, marking the longest continuous decline on record, surpassing the 16-week consecutive drop set in 2021.

Since early April, the U.S. total crude oil inventory has fallen by 166 million barrels to 712 million barrels, reaching its lowest level since March 1984. The U.S. Strategic Petroleum Reserve alone has reduced by 111 million barrels since March, currently at 305 million barrels, the lowest level since February 1983. Meanwhile, U.S. oil inventories have been declining for 10 consecutive weeks, a trend consistent with the record set in 2018.