U.S. crude oil inventories fell for a 10th straight week last week as demand surged, pushing total stockpiles to their lowest level since 1985 as the Iran war continues to upend global energy markets, the U.S. Energy Information Administration said on Wednesday.
Total crude inventories, including the commercial stocks and those in the Strategic Petroleum, plunged by 17.2 million to 758.5 million barrels last week, its lowest since March 1985, the EIA said.
The total stocks, including those from the strategic petroleum reserve, have fallen by 96.25 million barrels since the start of the Iran war, as countries around the globe have called on U.S. oil and products to fill supply gaps.