The panel called the footage “shocking and disturbing”.
New rules dictate that Chicago police must release video footage of a fatal police shooting within 60 days.
The video rules are part of series of reforms put in place after the police officers shot and killed 17-year-old Laquan McDonald in October 2014.
Video footage of his death was released in November. The video sparked protests and led to the dismissal of the police chief.
Moment of death not shown
Police said O’Neal stole a car on 28 July, leading to a police chase.
The shooting starts after O’Neal rammed the car into a police cruiser as he tried to flee the scene. He was unarmed.
A post-mortem exam found that O’Neal was killed on by a gunshot wound to the back. The moment of death is not shown in the released footage.
Police spokesman Anthony Guglielmi said the fatal shot was not recorded because an officer’s body camera was not operating.
He said the officer may have been unfamiliar with how to use the camera or the camera malfunctioned.
“We don’t believe there was any intentional misconduct with body cameras,” Mr Guglielmi said.
Michael Oppenheimer, a lawyer for the O’Neal family, said the officers took “street justice into their own hands”.
Three of the officers involved in the shooting have been suspended. A preliminary investigation found they had violated department policy.
Attorney claims police executed the teenager, according to Reuters:
After viewing police video, an attorney for the family of Paul O’Neal, an 18-year-old car theft suspect shot to death by Chicago police officers, says the teen’s death was ”horrific”. Rough Cut (no reporter narration).