Brent crude jumped almost 6% to $32.30 a barrel during Wall Street trade, before easing back.
Asia in turn also opened higher with solid gains following yesterday's severe losses.
Japan's Nikkei 225 rose by 3.1% to 17,233.20 after shedding a hefty 2.4% on Tuesday.
Shares in carmaker Toyota rose by 3.2% on media speculation that it was exploring a partnership with fellow car manufacturer Suzuki.
Suzuki denied the reports, but its shares rose by 12.7%.
Oil made gains on hopes that both Opec and non-Opec producers would take action to tackle oversupply, after the oil cartel on Monday called for co-operation from oil producing nations outside the cartel.
But the price of Brent crude later lost most of its gains, trading just 1.4% higher at $30.92.
"The positive sentiment stemmed from strong US corporate earnings and talk of OPEC and Russia considering production cuts. We consider the likelihood of any agreement between these parties as extremely low," ANZ bank said in a note on Wednesday.
Chinese shares also followed the regional and US leads and started the day higher, recovering some of the losses of Tuesday's rout of more than 6%.
The mainland Shanghai Composite opened 0.7% up at 2,768.23 while Hong Kong's Hang Seng also went up, climbing 1.8% to 19,189.42 points.
Australian markets reopened Wednesday after a national holiday and the ASX 200 fell by 0.6% to 4,978.20 points, still tracking Tuesday's sell-off elsewhere in Asia.
Latest economic data from Australian showed consumer prices had edged up only modestly in the last quarter.
Core inflation slowed to the lower end of the central bank's target range which could be an incentive for the central bank to cut interest rates further.
In Korea, the benchmark Kospi index, rose by 1.5% to 1,900.00 points.
Asian shares have followed US and European markets higher as a rise in the price of oil boosted investor sentiment.