EIA: US crude oil inventories decreased by 1.1 million barrels, WTI starts erasing daily gains

The weekly report published by the U.S. Energy Information Administration showed that commercial crude oil inventories in the U.S. decreased by 1.1 million barrels in the week ending June 28. 

With the initial market reaction, crude oil came under selling pressure and the barrel of West Texas Intermediate turned flat on the day at $56.30. Below are some key takeaways from the publication.

"Weekly refinery utilization unchanged at 94.200 pct."

"Weekly gasoline output off 564,000 bpd to 9.95 mln bpd."

"Weekly distillate output up 31,000 bpd to 5.34 mln bpd."

"Total product demand over past 4 wks 20.89 mln bpd, down 0.0 pct from yr ago."