Oil rises for second day amid hopes for output cut by U.S. producers

Oil prices climbed for a second day on Wednesday, lifted by hopes that U.S. prod...

TOKYO - Oil prices climbed for a second day on Wednesday, lifted by hopes that U.S. producers will cut output, but gains were limited compared with Monday’s crash after Saudi Arabia and Russia triggered a price war.

“Expectations that U.S. shale oil producers will need to trim output helped improve the market sentiment,” said Satoru Yoshida, a commodity analyst with Rakuten Securities. But growing scepticism about Washington’s stimulus package to fight the coronavirus outbreak knocked the steam out of an earlier rally in Asian shares on Wednesday. [MKTS/GLOB]

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