WTI ended down 0.2% at $45.52 and Brent ended up 0.04% at $48.86.

Oil prices gave up their gains on Wednesday after a massive increase in U.S. crude inventories and despite hopes for better days for demand with COVID-19 vaccines.

In New York, the US barrel of WTI for the month of January fell 8 cents or 0.2% to 45.52 dollars.

The barrel of North Sea Brent for delivery in February grabbed 0.04% or 2 cents in London, to $48.86.

"The surge in oil and gasoline inventories in the United States has simply wiped out the gains in the oil market," said David Madden, an analyst at CMC Markets.

Trending upwards at the beginning of the US session, oil prices fell after the publication of the weekly report of the US Energy Information Agency (EIA) before regaining some strength.

According to EIA figures, commercial crude inventories in the country climbed by more than 15 million barrels to 503.2 million barrels (MB) as of December 4.

Gasoline reserves increased by 4.2 MB and those of distilled products (heating gas and oil) by 5.2 MB, figures that confirm the low demand for black gold in the United States.

The United States had seen a similar increase in its crude inventories in April, but such a weekly increase is extremely rare.

The day before, it was the American Petroleum Institute (API), the federation that brings together professionals in the oil sector, which had published its estimate and reported an increase of 1.1 million barrels.

Analysts polled by Bloomberg were expecting a slight decline earlier in the day, fueling some optimism in the market fueled by the first vaccination campaigns, particularly in the United Kingdom, synonymous in the medium term with the end of travel restrictions and consequently the recovery in demand for crude.

"Despite disappointing U.S. inventory numbers, demand data and a gloomy near-term outlook, we are optimistic for the oil market in 2021," said Bart Melek of TD Securities, who predicts a barrel of WTI close to $50 once the global economy stabilizes. e.

"The Biden administration and the other major economies of the world will seek to adopt a major stimulus package, supposed to restart demand in the United States and elsewhere," he said.

In addition, Melek said, the gradual return of barrels from the main producing countries from January should be moderate enough not to flood the market with excess supply.