Oil prices climbed for a second day on Wednesday, lifted by hopes that US producers will cut output, but gains were limited compared with Monday’s crash after Saudi Arabia and Russia triggered a price war.
Brent crude futures rose $1.38, or 3.7 per cent, to $38.60 a barrel by 0126 GMT, while US West Texas Intermediate (WTI) crude gained $0.97, or 2.8 per cent, to $35.33 a barrel, following a jump of over 8 per cent the previous day.