Oil prices erased their earlier Asian-trade losses and muscled higher above $30 on hopes of better cooperation between Russia and Saudi Arabia to lower production levels in order to ramp up prices. The two energy superpowers are competing against each other in Syria which hampered communications between the two before, but recent statements suggest a change could happen.

Brent crude futures rose 1.80%, or 55 cents to $31.93 a barrel, after touching a session-low at $30.13, while U.S. crude futures added 43 cents, or 1.40% to trade at $30.77 a barrel, away from a session-low at $29.26.

Other commodities were in the black as well, with gold futures adding $7.30, or 0.66% to $1,112 an ounce. Silver rose 7 cents, or half a percent to $14.35 an ounce, while copper futures climbed a solid 1.47% to $2.029 a pound.

European shares reversed higher as energy shares recouped their losses, with the pan-European index FTSEurofirst 300 gaining 0.23% to 1,326. Germany's DAC advanced 34 points, or 0.35% to 9,770. France's CAC 40 index rose to 4,359.

Wall Street opened sharply higher, with Dow Jones adding 171 points, or 1.10% to 16,057. S&P 500 powered up 10 points, or 0.60% to 1,887. NASDAQ Composite underperformed however, burdened by tech companies, with the index recording a small gain of 0.13% to trade at 4,525.

Earlier in the day, China's shares plunged more than six percent on worries over the slowing economy and the government's sloppy handling of it. China has become a big source of instability as of late with their extremely volatile moves.