Oil futures give up gains in a technical pullback, with the decline accelerating after the EIA's weekly inventory report. A second straight week of outsized builds in U.S. distillate fuel and gasoline stocks offset any upside from a moderate drawdown in crude.

Oil falls in the morning Asian session, as traders digest EIA’s report on weekly U.S. supplies of crude, gasoline, and distillates. While the report showed that commercial crude supplies declined by 1 million barrels for the week ended Jan.

The petroleum futures complex was moving lower Wednesday following the release of bearish federal data showing large increases in U.S. gasoline and distillate inventories. Diesel futures were falling by about 1.