Oil: Private survey of inventory shows a headline crude oil draw much larger than expected

The article discusses a private survey from the American Petroleum Institute (API) indicating a larger than expected draw in crude oil inventories. The data, delayed due to the holiday season, suggests a tightening supply, which could influence prices upward in the oil market. The official inventory report from the U.S. Energy Information Administration (EIA) is due on Wednesday, and while the API data is considered less reliable, the extent of the draw reported could still have significant market implications. Traders should be cautious and monitor for volatility, particularly given the low liquidity typically seen during this time of year.