Oil prices were little changed on Wednesday afternoon despite a massive inventory build reported earlier in the day by the Energy Information Administration.

The EIA had reported a crude oil build of 15.189 million barrels for the week, sending U.S. oil inventories to 503.2 million barrels, or 11% above the five-week average for this time of year.

It was the second-largest crude inventory build on record, after a 19+ million barrel build earlier this year, in April, according to EIA data.

Oil prices often react violently to major crude builds, especially when inventories are already high. But, armed with positive vaccine news, oil prices leveled off in the afternoon.

WTI was only trading 0.18% down on the day at 6pm EDT at $45.52, and Brent crude was actually trading up 0.29% on the day at $48.98, as the market is still full of vaccine candidate optimism, notably out of the UK, which started mass vaccinations on Tuesday.

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Source: Oil Price