BlockBeats News, August 8th, the U.S. crude oil inventories are experiencing an unprecedented decline: the total inventory has been decreasing for 17 consecutive weeks, marking the longest downward trend on record. This number exceeds the previous record of 16 consecutive weeks of decline set in 2021.

Since early April, the total crude oil inventory has dropped by 166 million barrels to 712 million barrels, reaching the lowest level since March 1984. The U.S. strategic petroleum reserve alone has reduced by 111 million barrels since March, currently standing at 305 million barrels, the lowest level since February 1983. At the same time, U.S. oil inventories have been declining for 10 consecutive weeks, a trend that echoes the situation in 2018.