The gains indicate that the global glut that has dogged the market since 2014 is shrinking.
Higher crude oil price negatively impacts oil marketing companies as it strains their refining and marketing margins.
Oil prices posted their strongest start to a year since 2014 on Tuesday, with crude rising to mid-2015 highs amid large anti-government rallies in Iran and ongoing supply cuts led by OPEC and Russian Federation.
Wind Chill Values in the Single Digits New Year's Day
The rest of western South Dakota has a Wind Chill Warning in effect, lasting through most of Monday morning. Many other towns in northeastern Montana had wind chill readings between -42 and -47 Monday morning.
However, the strong close outs of the year herald what many experts say is the inevitable outcome of high prices: increased USA production in 2018, which will clash directly with the Organization of the Petroleum Exporting Countries' (OPEC) ongoing attempt via its extended output cutbacks to rebalance the market.
U.S. West Texas Intermediate (WTI) crude futures settled at $60.42, the highest close since June 2015.
Stay tuned in the New Year.
Extreme cold weather across much of North America could also boost USA crude prices by causing production problems in the oilfields.
Erica Garner, daughter of murdered chokehold victim Eric, is dead at 27
Mr Garner's death was ruled a homicide by medical examiners, but a grand jury did not charge any arresting officers in the case . She also told NBCBLK that her goal was to continue fighting for justice for him and others caught in similar situations.
Brent crude futures, the global benchmark, were down 53 cents, or 0.8 per cent at $66.34 a barrel.
Iran, OPEC's third-biggest oil producer, pumps around 3.8 million barrels per day. If the deal holds until the end of this year, Russia's oil production growth could stall, considering its commitment to the pact.
Oil markets have been supported by a year of production cuts and strong demand from China. In the last quarter of 2016, Russia's production had hit a post-Soviet era high, while year over year in 2016, production grew to 10.96 million bpd, from 10.72 million bpd in 2015.
Only rising US production, which is on the verge of breaking through 10 million bpd, is weighing on the price outlook for 2018.
Winston, Bucs stun Saints in season finale
Ingram and Kamara were able to set an incredible record by each reaching at least 1,500 scrimmage yards in a single season. The Saints failed on an attempted fake field goal when kicker Wil Lutz was tackled one yard short of the first down.