Oil little changed as traders weigh U.S. inventory build, OPEC cuts

Oil prices rebounded on Wednesday, reversing earlier losses even after data showed a build in U.S. crude inventories, reinforcing traders' sentiment that oil is trapped in a range by expected OPEC production cuts and U.S. output growth. U.S. crude futures for March delivery were up 0.02 cent, or 0.04 percent, to $53.20 per barrel after earlier dropping to as low as $52.56 per barrel. "Crude oil is in the middle of a trading range that began to unfold in early December," said Walter Zimmerman, ch