New York: The prices of oil pushed higher before the Thanksgiving holiday amid concerns that US oil stocks could face supply crunch.

New York oil traded as high as $49.60 in Wednesday trading, but failed to broach the $50 mark struck Tuesday.

In London, Brent North Sea crude oil for January delivery closed higher 37 cents at $44.82.

Traders said many market participants had bought up positions not wishing to leave themselves exposed over the next few days and over the weekend as the US market is now shuttered until Monday due to today's national Thanksgiving holiday.

"Nobody wants to go on a long weekend and to be short in case something happens," explained Marshall Steeves, an analyst at Refco.

Earlier, the US Department of Energy reported that distillate stockpiles, including crucial heating oil inventories, rose one million barrels to 115.6 million in the week ending November 19, breaking a nine-week losing streak.

The American Petroleum Institute, a private trade association, reported an even larger build of 1.82 million barrels to 117.6 million.