Oil prices went reverse on Wednesday, giving up the previous day’s gains as a rush in US crude stocks and increasing coronavirus infections in the US and Europe fanned concerns of a supply glut and a weaker fuel demand.

Brent crude futures dropped $1.20, or 2.9%, at $40 a barrel by 0920GMT, having risen almost 2% on Tuesday. US crude dropped $1.49, or 3.6%, at $38.08 after a 2.6% jump the previous day.

US crude oil and gasoline stocks climbed last week, data from the American Petroleum Institute indicated, with crude inventories increasing by 4.6 million barrels to roughly 495.2 million barrels, well over analyst expectations of a 1.2 million barrel build in a Reuters poll of analysts.