Oil Price Rally Reverses As Inventories Balloon

The American Petroleum Institute (API) reported on Tuesday a build in crude oil inventories of 4.146 million barrels for the week ending November 27. Analysts had predicted an inventory draw of 2.358 million barrels for the week. In the previous week, the API reported a build in oil inventories of 3.8-million barrels, after analysts had predicted a much smaller build of just 127,000 barrels. Oil prices were trading down on Tuesday afternoon before the API's data release despite daily news of Covid-19 vaccine progress, after OPEC on Monday ended…