January crude oil prices turned higher during the early morning hours, supported by China's Central Bank decision to cut bank reserve requirements and a concerted global central bank intervention to boost liquidity. This appeared to shift the early tone away from the European debt crisis and bolstered risk-taking attitudes. January crude oil prices were also able to overcome late Tuesday afternoon weakness fostered by private industry data that showed an unexpected build in US crude oil supplies as well as ratings downgrades for 15 major global banks.