Oil Rally Unaffected By Major Product Builds

The American Petroleum Institute (API) reported on Tuesday a draw in crude oil inventories of 1.663 million barrels for the week ending January 1. Analysts had predicted an inventory draw of 1.271 million barrels for the week. In the previous week, the API reported a draw in oil inventories of 4.785-million barrels, after analysts had predicted a draw of 2.100 million barrels. Both Brent and WTI were up on Tuesday afternoon before the data release after the Ministerial Meeting for OPEC+ dished out a production decrease of nearly a million barrels…