US strategic oil reserve falls to lowest level since 1982
Crude oil stocks in the US Strategic Petroleum Reserve fell to 282.6 million barrels last week, according to US Department of Energy data. That is the lowest level the reserve has recorded since October 1982.
Why it matters
The US reserve is seen as a tool for calming markets when supplies are disrupted, so investors watch its levels closely. The figures matter to Arab oil producers because decisions on drawdowns or refilling can affect US demand and price movements.
Background
The U.S. Strategic Petroleum Reserve is a government-held stockpile of crude oil that the United States keeps to respond to emergency supply disruptions. The U.S. Department of Energy publishes periodic data on its levels.
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