Oil Reverses After API Reports Inventory Build Across The Board

The American Petroleum Institute (API) reported on Tuesday a build in crude oil inventories of 1.973 million barrels for the week ending December 11. Analysts had predicted an inventory draw of 1.937 million barrels for the week. In the previous week, the API reported a build in oil inventories of 1.141-million barrels, after analysts had predicted a draw instead, of 1.514 million barrels. Both Brent and WTI were up on Tuesday afternoon before the data release, despite OPEC's MOMR on Monday that showed the group's oil production had risen for November…