Oil prices have jumped after Russia's decision to shut down a natural gas pipeline to Ukraine and over the US's latest supply data. On Wednesday, Light, sweet crude for February delivery rose $5.57, or 14.2%, to settle at $44.60 a barrel on the New York Mercantile Exchange.
US markets will be closed Thursday for the New Year's holiday and many market participants were off Wednesday.
Wednesday's rally picked up steam in the afternoon following reports that Russian energy giant Gazprom will cut off gas supplies to neighboring Ukraine beginning Thursday because of a dispute over unpaid bills.
The supply disruption could affect energy prices in western European markets.
Few market analysts believe crude prices in 2009 will not fall further and rebound next year.
In 2008, oil prices jumped to unprecedented heights only to give up four years of gains in just five months.