Crude oil prices gained around 1% on Tuesday before thin pre-Christmas trading on Wednesday while crude oil inventories in the U.S. seem to be lower and a Sino-American phase one trade deal is set to be signed.

International benchmark Brent crude jumped 1.22% on Tuesday to end the day at $67.20 per barrel, and American benchmark West Texas Intermediate rose 1.01% to finish the session at $61.13 a barrel.

Global markets are mostly closed on Wednesday due to the Christmas holiday break.

Crude oil inventories in the U.S. are estimated to decrease by 7.9 million barrels for the week

Read more: Oil prices up with decline in US crude stocks