Brent ended with a gain of 0.6% at 51.08 dollars and WTI ended with a 0.4% increase at 47.82 dollars.

Oil prices rose for the third straight session on Wednesday, reaching nine-month highs again at the close, following a larger than expected drop in U.S. crude inventories.

North Sea Brent crude oil for delivery in February rose 0.6% or 32 cents in London compared to Tuesday's close to $51.08.

The US barrel of WTI for the month of January appreciated by 0.4% or 20 cents to 47.82 dollars.

According to a report by the American Energy Information Agency (EIA) released on Wednesday, commercial stocks of crude oil in the United States fell by 3.1 million barrels (MB), reaching 500.1 MB on December 11, a slightly larger drop than expected by analysts.

Reserves of gasoline have increased, but less than expected, and reserves of distilled products (fuel and heating gas) have increased very slightly.

Black gold also continued to benefit from optimism about demand, which began to blow in early November with a series of encouraging announcements on COVID-19 vaccines.

Since then, “nothing seems to be able to stop” the rise in prices, commented Carsten Fritsch, from Commerzbank, “while the context is anything but rosy.”

The International Energy Agency (IEA) in fact revised its forecasts for oil consumption in 2021 downwards on Tuesday, mainly due to a drop in demand for fuel for airplanes.

“It seems that the IEA believes that vaccines will not have a rapid positive impact on oil demand,” added Mr. Fritsch, a rock in the shoe that investors seem to be unaware of at the moment.

The day before, the Organization of Petroleum Exporting Countries (OPEC) had made similar forecasts.

But for Bart Melek of TD Securities, despite these gloomy short-term forecasts, WTI could approach $50 a barrel and Brent's could rise to a few dollars more when the global economy really gets back on track in 2021.

“Crude oil markets are destined to strengthen once the second wave of Covid has subsided, the vaccination campaign has become widespread and the American government has finally made it clear that new relief measures are on the way,” said Mr. Melek.