The U.S.emergency crude oil stockpile fell by 4.6 million barrels last weekto its lowest level since May 1985, according to the Department of Energy on Monday.
Crude held in the Strategic Petroleum Reserve dropped to 469.9 million barrels for the week ended July 29, according to DOE data, in the smallest weekly withdrawal sinceMay. All the barrels sold during the week were sour crude oil.
U.S. President Joe Biden in March set a plan to release 1 million barrels per day over six months from the SPR to tackle high fuel prices that have contributed to soaring inflation.U.S. gasoline prices are about 40 cents a gallon lower than what they would have been without the sales, theSince May, releases have averaged 880,000 bpd. The oil is sold to accredited oil companies via online auctions.
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