US shares showed a sea of green at the open, with the benchmark Dow Jones rising 180 points, as investors cheered the rise in the crude price.
The oil price started its come-back campaign on Monday after news suggesting that US output maybe slowing, sending up prices.
Today, Brent crude is at US$ 56,20 - 2.58% higher, while West Texas Intermediate is up 2.93% at US$51.07.
On Wall Street, the Dow is up 163 points, while the tech heavy Nasdaq gained 23 points to 4,701 and the S&P500 added 15 to stand at 2,036.
In London at the time of writing, FTSE100 added 87 points to stand at 6,870.
In US corporate news, stationers Staples Ind (up 10.59%) and Office Depot (up almost 18%) both rose after reports in the media about a possible merger.
In London, the biggest gainer was Weir Group, up almost 9%, but big cap miners were also on the up - up 5.27%, and Antofagasta (LON:ANTO), up 4.99%.
Among the losers was Associated British Foods (LON:ABF), which dropped 0.93% as it cited the continuing fall of crude prices on its decision to take a £98mln hit on its bioethanol joint venture.
The group's interim results for the 24 weeks ending February 28 will include a non-cash exceptional charge to the tune of that sum, the group said.
Meanwhile BG Group (LON:BG.) saw shares go 0.57% lower as it slashed exploration budgets and reported falling full-year profit on the back of the recent oil price slide.