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

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      Brent crude rose $1.38, or 3.7 percent, to $38.60 a barrel on 0126 GMT. WTI crude rose $0.97, or 2.8 percent, to $35.33 a barrel after rising more than 8 percent a day earlier.
Satoru Yoshida, commodities analyst at Rakuten securities, said: "expectations that US shale oil producers will need to cut production helped to improve sentiment."
Oil and stock markets rebounded strongly on Tuesday after the previous day's hard hit, with the world's largest economy taking concerted action to mitigate the economic impact of the coronavirus epidemic, helping investors out of panic.


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