U.S. oil prices rise to $38.10 a barrel last Dec. 24 in New York, as traders get ready while expecting a week of low liquidity ahead.

As stated by Financial Review, front-month West Texas Intermediate futures settled 1.71 percent or 64 cents higher to $38.14 a barrel. On the other hand, Brent crude was up 48 cents or 1.28 per cent to $37.84.

The U.S. Energy Information Administration said that crude-oil inventories decreased by 5.9 million barrels last week which surprises investors who are already expecting for a slight buildup in their inventories before the end of this year.

The multinational investment banking firm, Goldman Sachs Company also said that the current rig count of U.S. production is "declining sequentially between 2Q15 and 4Q15 by 320,000 barrels per day."

The oil industry has slumped roughly about 10 percent this December in the U.S. because of global glut. But investors are still hoping for a stronger end-of-year, after the Federal Reserve dismissed the uncertainty hanging over U.S. monetary policies when the organization increased their interest rates earlier this December first time after almost a decade, as posted by The Wall Street Journal. But for some traders playing spot on the downside of the industry are getting out and decided to call it a year, said Tariq Zahir, managing partner at Tyche Capital Advisors.

"A one week's drop in crude-oil inventory is not a very positive thing for the markets as fundamentally it is still oversupplied," said Alex Poon, a Hong Kong-based trader at Admis. He also added that as he sees it, he doesn't think that, "this will change the downtrend in crude-oil prices."

Despite what's happening in the U.S. oil industry, Olivier Jakob, oil analyst at Petromatrix in Switzerland, assures everyone that supply is still in control. "For now, there is still an ample supply of crude and a huge amount in storage," he said.

Next year, the glut is expected to decrease as the world demand rises. Price collapse may also lead to lower output from other countries outside OPEC though there are still no sign that the organization will prepare to lower its supply.

The tightening in the oil market happened just as U.S. energy group Enterprise and oil trader Vitol compete to petition the end of the ban on most U.S. crude exports. 600,000-barrel cargoes of domestic light crude oil were then scheduled to be exported to Europe and Asia in the first week of January.