Oil Prices Steady On Small Inventory Build

The American Petroleum Institute (API) reported on Tuesday a build in crude oil inventories of 2.562 million barrels for the week ending January 15. Analysts had predicted an inventory draw of 1.167 million barrels for the week. In the previous week, the API reported a draw in oil inventories of 5.821-million barrels, after analysts had predicted a draw of 2.266 million barrels. Oil prices were mixed on Wednesday ahead of the data release, with WTI up and Brent down.  A widespread lockdown in China that has sequestered millions of residents…