Oil Prices Rebound On Larger Than Expected Crude Draw

The American Petroleum Institute (API) reported on Tuesday a draw in crude oil inventories of 5.272 million barrels for the week ending January 22. Analysts had predicted an inventory smaller draw of 430,000 barrels for the week. In the previous week, the API reported a build in oil inventories of 2.562-million barrels, after analysts had predicted a draw of 1.167 million barrels. Oil prices were trading down on Tuesday ahead of the data release.  China lockdowns, the IEA's grim outlook on oil demand, a slow global rollout of the coronavirus…