Trade group The American Petroleum Institute will issue a preliminary report on crude inventories at 4:30 p.m. EDT (2030 GMT), ahead of official stockpiles data from the U.S. government on Wednesday.
A report by industry monitor Genscape that showed a 1.3 million barrel fall in crude inventories at the benchmark's pricing hub in Cushing, Oklahoma, added further support, brokerage PVM said.
"Oil is recovering on some bargain hunting after the drop below $47 a barrel proved unsustainable and (on) news of a possible strike in Norwegian oil and gas industry," said Commerzbank analyst Carsten Fritsch.
Brent crude futures traded $1.44, or 3 percent, higher at $48.61 per barrel. The contract earlier peaked at $48.58.
U.S. West Texas Intermediate (WTI) futures settled $1.52 higher, or 3.3 percent, at $47.85. It hit a session high of $47.81 earlier in the session.
The benchmarks fell nearly $4 a barrel in the past two sessions, with Brent hitting seven-week lows under $47 and U.S. crude a one-month trough below $46.
Tuesday's recovery came as the dollar retreated from three-month highs, making greenback-denominated crude more attractive to holders of the euro and other currencies. Risk appetite also rebounded across financial markets on reduced fears of contagion from last week's so-called Brexit.
Sterling and London's FTSE 100 stock market index also recovered sharply on hopes of a coordinated central bank response to financial market losses.