Oil prices rose Wednesday for the third session in a row, touching new highs in nine months at the close, after a larger than expected decline in US crude inventories.

A barrel of Brent North Sea oil for February delivery gained 0.6% or 32 cents in London from Tuesday's close of $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 from the US Energy Information Agency (EIA) released on Wednesday, commercial crude inventories in the US fell by 3.1 million barrels (MBB) to 500.1 MB as of December 11, a slightly larger decline than that forecast by analysts.

Gasoline reserves increased, but less than expected, and those of distilled products (fuel oil and heating gas) increased very slightly.

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

Since "nothing seems to be able to stop" the rise in prices, commented Carsten Fritsch, of Commerzbank, "while the context is anything but rosy".

The International Energy Agency (IEA) on Tuesday revised down its forecast for oil consumption in 2021, mainly due to a drop in demand for jet fuel.

"It appears that the IEA believes that vaccines will not have a quick positive impact on oil demand," Fritsch added, a pebble in the shoe that investors seem to be ignoring for now.

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

But for Bart Melek of TD Securities, despite these gloomy short-term forecasts, the barrel of WTI could approach 50 dollars and that of Brent evolve a few dollars more when the world economy will have really restarted in 2021.

“Rough markets are bound to firm up once the second wave of Covid subsides, the vaccination campaign becomes widespread and the US government finally makes it clear that further relief measures are on the way” , believes Mr. Melek.