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The U.S. Strategic Petroleum Reserve (SPR) fell below 300 million barrels for the first time since 1983, reaching 298.3 million barrels, while international oil prices rose by over 4% during intraday trading.
U.S. Department of Energy data shows that as of the week ending August 7, the U.S. SPR decreased by approximately 6.1 million barrels, falling below the 300 million barrel mark and reaching its lowest level since 1983. Affected by this news and the uncertainty of navigation in the Strait of Hormuz, U.S. WTI crude oil futures once rose above $81.30 and Brent crude oil once rose above $86.90 towards the end of the the U.S. stock market's morning trading session, with both seeing intraday gains exceeding 4%.
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