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.

They have recouped nearly a half of the Monday's 25% loss, which was triggered by the clash of oil titans Saudi Arabia and Russia.

Source : Reuters