Oil prices climbed for a second day on Wednesday as hopes U.S. producers would cut output lent support, but gains were capped by growing doubts about Washington’s stimulus package to fight the coronavirus, which continues to spread globally.
Brent crude futures rose $1.26, or 3.4%, to $38.48 a barrel by 0418 GMT, while U.S. West Texas Intermediate (WTI) crude gained $0.91, or 2.7%, to $35.27 a barrel, Reuters reported.
U.S. crude oil inventories rose in the most recent week, while gasoline and distillate stocks dropped, data from industry group the American Petroleum Institute showed on Tuesday.
Oil prices extend gains
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