Oil prices traded lowe r on Wednesday in Asia after the American Petroleum Institute (API) reported a large build of weekly crude inventories. Oil prices received some support earlier in the day after data showed U.S.’s November manufacturing output and housing figures both outperformed expectations. Sino-U.S. trade optimism were said to be limiting losses of oil prices Today. A phase one trade deal was agreed between the U.S. and China last week, easing some concerns over the economic impact of a prolonged dispute between the world’s two biggest oil importers.