U.S. strategic petroleum reserves have fallen below 300 million barrels for the first time since 1983, marking their lowest level in over four decades. This situation raises concerns about the country’s ability to handle potential supply disruptions amid tight global oil supplies. The probability of crude oil reaching a new all-time high by December 31 has increased from 10% to 12.5% over the past week. Analysts are also closely watching OPEC’s production decisions and geopolitical tensions in key oil-producing regions.
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