US releases 40 million barrels from strategic oil reserve

The US Department of Energy has announced the release of up to 40 million barrels from the Strategic Petroleum Reserve.

The move follows a decline in crude oil stocks in the US strategic reserve to 283.8 million barrels last week.

According to Department of Energy data, this marks the lowest level for crude oil reserves since October 1982.

The US strategic oil reserve is considered one of the country's key assets for responding to emergencies or supply disruptions.