Oil rises for second day as producers trim output to respond to demand loss

Oil extended gains on Thursday amid signs that producers are cutting production to cope with a collapse in demand for fuel as the coronavirus outbreak ravages the world’s economies.

Brent crude was up 33 cents, or 1.6%, at $20.70 a barrel by 0254 GMT after rising more than 5% on Wednesday.

U.S. West Texas Intermediate (WTI) futures were up 28 cents, or more than 2%, at $14.06 a barrel, having risen around a fifth in the previous session. U.S. crude futures fell to below minus $40 on Monday on concerns that buyers were running out of storage space to take deliveries.