US oil reserves have fallen to their lowest level in nearly 1.5 years.
Last week, US oil inventories fell to their lowest level in nearly 1.5 years, while gasoline demand rose to the highest level since the end of 2019. The US Department of Energy reported.
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According to the ministry, US oil reserves fell by 6.9 million barrels (1 barrel = 159 liters) to 445.5 million barrels in the week ended July 2. This is the lowest volume since February 2020.
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Additionally, the result represents a sharper decline than economists polled by Reuters had expected. And they expected a decrease in stocks of 4 million barrels.
In addition, gasoline demand rose to record levels over the past week, but higher demand also confirmed the four-week average. In this case, demand reached 9.5 million barrels per day, the highest level since October 2019. This helped reduce gasoline stocks by 6.1 million barrels, while a drop of only 2.2 million barrels was expected.
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