Abu dhabi: Stocks of crude oil in the US Strategic Reserve fell by about 3.7 million barrels to 307.7 million barrels last week, reaching the lowest level since March 1983, according to data from the Department of Energy.

According to Emirates News Agency, the drawdowns are part of a US agreement to release 172 million barrels from the facility to help stabilize prices. The depletion of the reserves is a strategic move aimed at addressing market fluctuations and ensuring oil price stability.