Brent ended with a gain of 0.6% to $51.08 and WTI ended on a rise of 0.4% to $47.82.

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

The barrel of North Sea Brent for delivery in February gained 0.6% or 32 cents in London from Tuesday's close at $51.08.

The U.S. barrel of WTI for the month of January appreciated by 0.4% or 20 cents to $47.82.

According to a report by the U.S. Energy Information Agency (EIA) released Wednesday, commercial crude inventories in the United States fell by 3.1 million barrels (MB), to 500.1 MB as of December 11, a decline a little larger than that expected by analysts.

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

Oil 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, 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 aircraft fuel.

"It seems that the IEA believes that vaccines will not have a rapid positive impact on oil demand," Fritsch added, a pebble in the shoe that investors seem to be ignoring at the moment.

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

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

"Crude oil markets are set to strengthen once the second wave of Covid subsides, the vaccination campaign becomes widespread, and the U.S. government finally makes it clear that new aid measures are on the way," says Mr. Melek.