The Australian share market is rebounding from Monday’s sell-off, with mining giant BHP Billiton and energy stocks leading the gains.

The market is around three quarters of a per cent higher, claiming back some of the ground lost on Monday, when the S&P/ASX200 lost two per cent in the wake of a sharp slide in oil prices.

Oil prices fell to levels not seen since the global financial crisis late last week after OPEC nations decided against cutting production, despite a global oversupply of the commodity.

But prices lifted overnight on Monday, providing some much needed support for energy and mining stocks.

“The miners and the energy players, which have really been the main drags in recent days, are gaining today and that’s helping support the market,” CommSec market analyst Steven Daghlian said.

Mr Daghlian said a large chunk of the market’s rebound could be attributed to BHP, which has lifted more than three per cent after hitting a five-year low on Monday.

BHP was 93 cents higher at $30.20 at noon, while Rio Tinto lifted $1.09 to $57.75.

Energy giant Woodside was 90 cents higher at $35.10, while Santos gained 23 cents to $9.34.

The big four banks were mostly higher, with the Commonwealth Bank gaining 31 cents to $80.11, National Australia Bank up six cents to $32.21 and Westpac 25 cents higher at $32.49, while ANZ fell 17 cents to $31.49.

Qantas shed 4.75 cents, or more than two per cent, to $1.9625 as investors took profits following a recent rally.

Medibank Private shares were up half a cent to $2.135, still below the $2.15 institutional investors paid in the lead-up to the insurer’s float last week.

KEY FACTS

* At 1220 AEDT on Tuesday, the benchmark S&P/ASX200 index was up 48.5 points, or 0.93 per cent, at 5,256.2.

* The broader All Ordinaries index was up 45.9 points, or 0.88 per cent, at 5,236.6.

* The December share price index futures contract was 50 points higher at 5,262, with 20,854 contracts traded.

* National turnover was 817 million securities worth $2.29 billion.