Brent crude futures rose 18 cents, or 0.29%, to $61.50 a barrel as of 0137 GMT, while U.S. West Texas Intermediate crude futures rose 21 cents, or 0.37%, to $57.45.
Oil hit a five-month low on Monday, fueled by producers pumping more and trade tensions impacting demand.
The supply risks stemmed from news that a planned summit between US President Donald Trump and Russian President Vladimir Putin was suspended and fears of supply disruption were fueled by Western pressure on Asian purchases of Russian oil.
“Despite the overall bearish sentiment driven by a glut of oil supplies and weak demand, the risk of supply disruption in hotspots like Russia, Venezuela, Colombia and the Middle East remains and prevents oil prices from staying below $60,” said Mukesh Sahdev, founder and CEO of energy market consultancy XAnalysts.
Investors are also keeping a close eye on the progress of US-China trade talks, as officials from both countries are expected to meet in Malaysia this week. US President Donald Trump said on Monday that he expects to work out a fair trade deal with Chinese President Xi Jinping, whom he plans to meet in South Korea next week. Oil also found support for a US plan to replenish its strategic reserves, ANZ research analysts said in a note on Wednesday.
The U.S. Department of Energy said Tuesday it plans to buy 1 million barrels of crude oil for delivery to the Strategic Petroleum Reserve as it looks to take advantage of relatively low oil prices to replenish supplies.
U.S. crude oil, gasoline and distillate inventories fell last week, market sources said, citing American Petroleum Institute data on Tuesday.
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