The FBM KLCI rose 7.79 points to 1,389.68 over Thursday morning as the sell-off earlier in the week was seen as overdone.
There were 2.98 billion shares traded across the market for a total value of RM1.38bil.
Apart from oil prices finding their footing, US corporate earnings were revealed to be better than expected, which put Wall Street on a rise overnight.
Further helping sentiment was the US senate's approval of a new relief package that will add trillions of dollars in stimulus to the US economy.
Most markets in Asia tracked the advance on Wall Street. In Southeast Asia, Thailand's and Jakarta's respective benchmark indices were the biggest gainers with increases of nearly 1% apiece. Singapore's Straits Times however kept close to its reference price.
Brent crude rose US$1.75 or 8.6% to US$22.12 a barrel, which returned it to March levels of trading.
US crude jumped US$1.43 or 10.4% to US$15.21, which kept it at its lowest level in 11 years, although this was a significant improvement from the meltdown prices seen on Tuesday.
KLCI stocks leading the advance were Tenaga Nasional rising 12 sen to RM12.62, Axiata gaining eight sen to RM3.83 and IHH climbing nine sen to RM5.21.
Top Glove reached a new high as it added 10 sen to RM6.95 even as rival Hartalega took a breather with a one sen decline to RM7.56.
Stocks with the highest volume of exchange included VC up 0.5 sen to 8.5 sen on the back of 1.4 million shares, while Lambo and Nexgram
were both flat at 1.5 sen apiece.On the forex market, the ringgit was trading flat against key currencies. It was unmoved against the US dollar at 4.3600, the pound sterling at 5.3772 and Singapore dollar at 3.0566.