The weekly report published by the U.S. Energy Information Administration showed that commercial crude oil inventories in the US decreased by 3.12 million barrels in the week ending July 12 to 455.88 million. Market consensus pointed to a decline of 2.7 million.
According to the report, gasoline stocks rose 3.57 million barrels to 232.75 millon (against expectation of a 0.9 decline) and distillate stocks rose 5.69 million barrels to 136.2 million.
Crude oil prices turned lower after the report. WTI dropped toward $57.50 and then climbed back, approaching the level it had before the report.
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