The local share market has rebounded strongly this morning, following the lead set by its international counterparts on Friday night.

At the time of writing, the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has risen 66 points or 1.4% to 4831 points, although it did rise as much as 1.8% earlier to a high of 4853 points. That comes after the Dow Jones and NASDAQ indices rose 2% and 1.7% in the United States to end last week, while London’s FTSE 100 and Germany’s DAX rose 3.1% and 2.5%, respectively.

Indeed, share markets around the world have mostly suffered bruising starts to the year, sparked by a slowdown in China’s economy and plunging oil prices. However, oil prices actually regained 11% during the latest session, with one barrel of Brent crude now fetching around US$33, although iron ore did decline by 3.5% to US$43.65 a tonne, according to The Metal Bulletin.

BHP Billiton Limited (ASX: BHP) was one of the biggest gainers for the day, its shares rising 5.4%. Its fellow iron ore miners Rio Tinto Limited (ASX: RIO) and Fortescue Metals Group Limited (ASX: FMG) also gained 3.2% and 4.3%, respectively, while energy producers Woodside Petroleum Limited (ASX: WPL) and Santos Ltd (ASX: STO) both rose around 3%.

Each of the major banks also produced impressive gains, particularly Australia and New Zealand Banking Group (ASX: ANZ) and National Australia Bank Ltd. (ASX: NAB) which gained 3% and 2.7%, respectively. Unfortunately, Telstra Corporation Ltd (ASX: TLS) didn’t fare so well, its shares losing 1.9% to around $5.47.

Despite the rough start to the year, a number of analysts have expressed their belief that the sell-off may have been blown out of proportion and that now may be a great time to start buying some of the shares that have been unnecessarily sold by panicky investors.

That’s not to say there won’t be any more volatility on the markets, but for long-term investors, it certainly appears there are a number of attractive opportunities to choose from right now.

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Motley Fool contributor Ryan Newman has no position in any stocks mentioned. Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. You can follow Ryan on Twitter @ASXvalueinvest.

The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.