US oil stocks fall to lowest level since 2004 amid Iran policy pressures
By
Jamie Smyth
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Summary
US oil stocks have fallen to their lowest level since 2004, dropping by 10.6 million barrels last week to 1.57 billion barrels. The decline is attributed to the Trump administration's Iran policy draining stockpiles to contain surging prices, while exporters capitalize on reduced Middle Eastern supply. Industry analysts warn that oil prices could rise sharply again within weeks as inventories reach critically low levels.
Key quotes
· 3 pulledUS government data published on Wednesday showed total stocks of crude and petroleum products such as petrol fell by 10.6mn barrels last week to 1.57bn barrels — the lowest level since 2004.
The sharp fall triggered new warnings from industry analysts that oil prices are poised to move sharply higher again within weeks.
Industry warns prices could soon jump as inventories reach 'critically low' threshold
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