US Oil Reserves at Lowest Level Since Reagan
US oil reserves are down to levels not seen since 1983. This after the Trump administration continued to use emergency stocks to cushion the effects of the war with Iran, reports CNN.
Last week alone, another 8.9 million barrels of oil were released from the reserve. This leaves 340.3 million barrels. This is less than the low level recorded during Russia's invasion of Ukraine in 2023.
Analyst on Oil: "This is just the beginning"
Oil prices are down around 5 percent and are trading around $81-83 per barrel after this weekend's peace agreement between the US and Iran. But the decline is "just the beginning". At least if you believe Eika Kapitalforvaltning's investment manager Gaute Eie, reports Dagens Næringsliv.
Already last fall, he had a negative view of the oil and gas industry and expected oil prices to fall below $60 per barrel. A picture he believes is reinforced by this weekend's announcement.
– Now my prediction from September last year will be even more reinforced, he says.
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