Oil falls below $80 as OECD oil reserves drop to lowest level since 1990

Oil prices dipped below $80 per barrel, signaling a shift in market confidence that tensions around the Strait of Hormuz may be easing. This price drop coincides with a significant decline in strategic oil reserves among OECD countries, reaching their lowest point since 1990, as reported by the IEA. This situation underscores the vulnerability of global oil supply chains and suggests a potential rebalancing of market dynamics as stockpiles dwindle and geopolitical tensions potentially ease.