The West Texas Intermediate for February delivery added 43 cents to settle at 76.99 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for February delivery increased 9 cents to close at 79.32 dollars a barrel on the London ICE Futures Exchange.
The rally came after signs of tight supplies.
The U.S. Energy Information Administration (EIA) reported on Wednesday that the nation's crude oil inventories decreased by 3.6 million barrels during the week ending Dec. 24.
According to the EIA, total motor gasoline inventories decreased by 1.5 million barrels last week, while distillate fuel inventories decreased by 1.7 million barrels.
Oil prices also garnered some support amid market optimism that the impact of the Omicron variant may not affect energy demand as much as feared.
Meanwhile, investors are awaiting a key meeting of the OPEC+ as the oil alliance is set to meet on Jan. 4, where the group is expected to decide whether to continue increasing output in February.
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