Crude oil inventories in the United States saw a significant draw last week, with a decrease of 3.8 million barrels, totaling 419.1 million barrels. Refinery activity increased, with crude oil inputs at 16.9 million bpd. Gasoline production decreased to 9.0 million bpd, while distillate fuel production rose to 5.3 million bpd.

Crude oil imports rose to 6.3 million bpd, an increase of 1.4 million bpd. Motor gasoline inventories increased by 7.7 million barrels, while distillate fuel inventories rose by 5.6 million barrels. Propane and propylene inventories fell by 2.2 million barrels, but total petroleum inventories increased by 8.1 million barrels.

The latest EIA data showed a deeper crude draw compared to industry estimates, with significant builds in gasoline and distillates. Total products supplied averaged 19.9 million bpd over the past four weeks, down 1.9% from the same period last year. Motor gasoline product supplied increased slightly, while distillate fuel and jet fuel product supplied decreased.

West Texas Intermediate crude was trading at $56.29 per barrel, down $0.84, while Brent crude was trading at $60.16 per barrel. Refinery activity, imports, and inventory levels continue to be key factors influencing oil prices and market dynamics.

Read more at Yahoo Finance: Oil Slips as EIA Reports Crude Draw, Sharp Builds in Gasoline, Distillate Stocks