Black commodities erased gains in the previous trading session after industry reports showed US crude oil supply increased significantly last week.
The benchmark U.S. WTI crude futures traded gloomy at $ 53.14 a barrel, while Brent crude oil prices declined at $ 55.92 a barrel.
The American Petroleum Institute (API) reported U.S. crude oil inventories increased by 2.6 million barrels last week, well above market expectations for a decline of 1.2 million barrels.
This increase has raised market concerns about fuel demand which will be affected following more coronavirus restrictions being implemented in several countries around the world.
Meanwhile, the same data also showed an increase in petrol supply and distillation was smaller than expected.
However, market optimism over President Joe Biden's new administration to boost economic growth with his massive fiscal stimulus measures helped support oil prices from falling.
