The U.S. EIA released its weekly oil report, showing that crude oil inventories fell by 1.6 million barrels, and current inventory levels are 4% below the five-year average.

According to data from the US Energy Information Agency, the increase in US crude oil inventories, refinery inputs, and gasoline production last week indicated that crude oil prices may face downward pressure.

Gas prices continue to rebound from May lows as traders react to EIA report。