Oil prices climbed for a second consecutive day on Wednesday, gaining more than one per cent as concerns over sanctions-related supply risks and optimism about a potential U.S.-China trade deal buoyed the market.
According to Reuters, Brent crude futures increased by 94 cents, or 1.5 per cent, to 62.26 a barrel at 05:00 WAT, while U.S. West Texas Intermediate WTI crude rose 92 cents, or 1.6 per cent, to 58.16.
The market extended its recovery from Monday's five-month low, supported by supply concerns and fresh signs of demand stability. Fears of disruption were heightened after a planned summit between U.S. President Donald Trump and Russian President Vladimir Putin was postponed, alongside mounting Western pressure on Asian buyers of Russian oil.