Oil: Private survey of inventory shows a headline crude oil build greater than expected

A private survey conducted by the American Petroleum Institute (API) has revealed a larger-than-expected increase in crude oil inventories. The anticipated headline crude inventory was +1.7 million barrels, but actual figures are not available until the official report is released on Wednesday morning US time. This survey is based on data from oil storage facilities and companies. In contrast to the API survey, the official government data released by the US Energy Information Administration (EIA) is based on information from the Department of Energy and provides more comprehensive statistics on refinery inputs and outputs, along with different grades of crude oil storage levels. As such, the EIA report is generally considered more accurate. Crude prices ended little changed on Wednesday (Europe/US time) after a volatile session, affected more by political headlines than by fundamental supply-demand signals. US President Trump’s notable appearances in Davos had an intraday impact on trading, driving risks across assets. However, crude pricing faced light pressure as reports surfaced that India's Reliance Industries is set to resume purchases of Russian oil after a brief pause, easing supply concerns. Overall, the market seems to be awaiting the upcoming formal EIA report.