Prices surged on news that OPEC failed to reach an agreement on increasing production to satisfy growing demand.
U.S. crude oil prices rose above $50 per barrel for the first time since February.
The move by the Trump administration comes as crude prices plummet.
The oil price collapse comes as an agreement to cut supply failed to offset plummeting demand.
The decrease in air traffic demand due to the coronavirus pandemic is a key driver of the price drop.
After Monday's epic collapse, prices also got a boost from signs that Saudi Arabia and Russia will resolve their differences over oil production.
The group cited surging supply and stress in the global economy.
The energy price shock was felt through global markets.
The world's biggest oil producer has agreed to buy 20% of Reliance Industries' chemicals and refining business in a deal valued at $15 billion.
Lower prices due to abundant supply helped drive Exxon's natural-gas profits down by about half.
Over the next five years, the U.S. will take aim at becoming the top oil exporter, the agency said.
The industry may have more capacity to cut as some analysts are projecting depressed crude oil prices through 2016.
