Oil has risen in price by more than $US2 per barrel as cuts by OPEC outweigh further evidence that a deepening global slowdown is lowering demand for fuel.
By 2:20pm EST (1920 GMT) on Wednesday, US light crude for March delivery had climbed $US2.22 to $US43.06 per barrel.
London Brent crude rose $US1.21 to $US44.83 per barrel.
Members of the Organization of the Petroleum Exporting Countries have agreed to a series of cuts in production since September, totalling 4.2 million barrels per day.
Oil reached a record price of $US147.27 per barrel on 11 July last year.
Details of crude oil stocks in the United States will be issued on Thursday - a day later than usual, following a holiday on Monday honoring civil rights leader Martin Luther King Jr.