Earlier this week, oil prices slumped due to growing concerns about storage capacity and the risk of a new round in the tariff war between China and the US.
International crude oil benchmark Brent traded at over $30 per barrel on Tuesday for the first time since 15 April, stock market data shows.
Brent futures for July delivery rose 12.1 percent to $30.49, while June WTI futures added 18.3 percent to trade at $24.12 per barrel.
Investor optimism has risen after several countries announced plans to ease their coronavirus lockdowns and allow businesses to reopen, driving up oil demand.
Earlier this week, oil prices dropped over uncertainty about storage capacity and the threat of a new round in the US-China tariff war.