Crude oil prices rise for a second day

Oil prices climbed for a second day today, 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.

Brent crude futures added US$1.44, or 3.9 percent, at US$38.66 a barrel, while U.S. West Texas Intermediate (WTI) crude gained US$1.12, or 3.3 percent, at US$35.48 a barrel, following a jump of over 8 percent the previous day.