The Bloomberg agency reported, citing its sources, that the US may start buying oil to replenish its strategic reserves at a price of about $80 per barrel.
“The United States may begin replenishing its strategic oil reserves when crude oil prices fall to about $80 a barrel,” the agency wrote.
Crude oil stocks in US emergency reserves fell to 434.1 million barrels.
This is the biggest drop in oil reserves in the US Strategic Petroleum Reserve since May 2022, and thus stocks are at their lowest level since October 1984.
Source: Prime