Oil Futures Rebound After March Lows; SPR Drops to 340.3M Barrels
BNO•Oil futures climbed after overnight lows not seen since March 4, driven by a preliminary U.S.-Iran ceasefire deal set to reopen the Strait of Hormuz. Meanwhile, U.S. Strategic Petroleum Reserve stocks dropped to 340.3 million barrels (a low since 1983) and retail gasoline dipped below $4 per gallon.
1. Oil Futures Rebound After March Lows
Oil futures climbed in early Asian trade, recovering from overnight lows not seen since March 4 due to technical buying and anticipatory positioning ahead of potential supply improvements.
2. Strategic Petroleum Reserve Hits Four-Decade Low
U.S. Strategic Petroleum Reserve stocks fell to 340.3 million barrels, marking the lowest level since 1983 and reflecting sustained drawdowns amid heightened consumption and limited replenishment.
3. Ceasefire Deal Spurs Market Optimism
A preliminary U.S.-Iran ceasefire extension is expected to reopen the Strait of Hormuz, boosting supply outlook even as U.S. retail gasoline prices dipped below $4 per gallon for the first time since April.
