March Brent crude rose US17¢ to $US48.33 a barrel, after settling down 1.3 per cent on Monday.
West Texas Intermediate (WTI) crude for March delivery was up US11¢ at $US45.26 a barrel after slipping to a session low of $US44.35 on Monday, close to a near six-year low.
Traders said that trading volumes later on Tuesday may be limited as a snow storm is expected to disrupt transport in New York.
Oil prices have lost nearly 60 per cent in value since last peaking in June 2014, in a rout fuelled by ample global supplies from the US shale oil boom and a decision by OPEC to keep its production quotas unchanged.
Standard Chartered said that OPEC's decision to keep production high was beginning to impact other producers.
"Non-OPEC output is being hit hard, and we now expect the oil market to tip into supply deficit in H2," the bank said.
Traders said there were other signs of a potential market pick-up.
"I'm not sure if prices have bottomed out, but I can see some signs for prices to rebound," said Yusuke Seta, a commodity sales manager at Newedge Japan, referring to a rise in Brent's open interests in the past few weeks.
Brent's open interest on the Intercontinental Exchange (ICE) hit 1.64 million lots in the week of January 20, a record high since the data started in 2011.
Open interest is the number of contracts outstanding on a futures trading platform such as ICE.
WTI may come under further pressure this week as commercial crude stockpiles likely rose by nearly 4 million barrels last week, a Reuters survey showed on Monday, after posting its largest build in 14 years in the previous week.
The data stretched Brent's premium to WTI to over $US3 a barrel last week shortly after trading close to parity.