However, doubts over the impact of planned production cuts led by OPEC to rebalance the oil market, and reports about higher inventory builds and forecasts of record shale output in the USA weighed on crude oil.
However, both crude benchmarks are still down roughly 40 percent from highs in October, pressured by concerns about oversupply and over the outlook for the global economy.
Physical prices for Brent have also fallen in the last six weeks, driven by a drop in demand from Chinese refiners in particular, which has weighed on the value of barrels of anything from the North Sea to Nigerian crude. It earlier fell to US$49.93, the lowest since July 2017.
Crude has been caught up in wider market weakness as the US government shutdown, higher US interest rates and the US-China trade dispute unnerved investors and exacerbated worries over global growth.
Shaw 'can't see why' Manchester United won't finish in the top four
I'm no different to anyone else, no different to any other manager when you lead that team out on to the pitch. Pogba was widely criticized for a now-deleted social media post immediately following Mourinho's dismissal.
Efforts by Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries, to limit output beginning early next year by 322,000 barrels a day more than a previously announced cut of 250,000 barrels a day for six months starting in January, according to the Wall Street Journal had not adequately quelled concerns over supply to end 2018.
"There are several bearish factors in oil markets, and the situation won't improve anytime soon", said Satoru Yoshida, a commodity analyst at Rakuten Securities Inc.in Tokyo.
Markets attempted to recover from the pre-Christmas declines seen on Monday, though thin post-holiday trading did little to aid in the recovery. One of the reasons for this oil price plunge is excessive supply from US.
Christmas Day is the calm before the storm as rain moves in
A quick-moving storm system that arrived overnight has brought light snow to much of the area on Christmas Eve morning. It will be a little cold for Santa tonight , with a low of 29 degrees with wind chills between 20 and 25.
USA rough CLc1 was up 74 pennies at $43.27. The contract slumped $3.06 to $42.53 on Monday.
Meanwhile, the USA administration is struggling to contain the market turmoil, which intensified in the wake of a Bloomberg News report that Donald Trump had discussed firing Powell. On BSE, over 2.82 million shares changed hands today at the SpiceJet counter, as against average daily volume of 1.14 million shares. The global benchmark crude traded at a $7.57 premium to WTI.
OPEC is said to deepen output cuts.
"But if OPEC's cuts are fulfilled, WTI prices are expected to rise to US$50-60 a barrel, while Brent is expected to go up to between US$58-70 a barrel next year". The S&P 500 Index sank 1.8 percent, with its energy index shedding 3.2 percent.
‘Are you still a believer in Santa?’: Trump asks 7-year-old
The organization deploys its state of the art technologies to track Santa Claus as he delivers presents around the world. While it likely was an inconvenience at the time , it sparked an annual tradition that NORAD took over in 1958.