Oil prices rebounded on Tuesday following a day that saw oil plummet 25 percent.
Oil dropped to start the week as a price war started between Russia and Saudi Arabia.
Currently, benchmark U.S. crude is gaining 4.6 percent, or $1.45, to $32.57 per barrel in electronic trading on the New York Mercantile Exchange. It lost 25 percent on Monday to $31.13 per barrel.
Brent crude, the standard for international oil prices, is up 4.7 percent, or $1.63 to $35.99 per barrel in London.
Oil prices plunged on Monday to the lowest since February 2016 and was the biggest one-day percentage declines since Jan. 17, 1991, at the start of the Gulf War.
The Associated Press contributed to this article.