Oil prices climbed for a second day on Wednesday, 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 rose $1.44, or 3.9%, to $38.66 a barrel, while U.S. West Texas Intermediate (WTI) crude gained $1.12, or 3.3%, to $35.48 a barrel, following a jump of over 8% the previous day. Oil and equity markets had staged solid rebounds on Tuesday after the previous day's pummelling, supported by signs of co-ordinated action by the world's biggest economies to cushion the economic impact of the coronavirus epidemic. Saudi Arabia said on Tuesday it would boost its oil supplies to a record high in April, raising the stakes in a standoff with Russia and effectively rebuffing a suggestion from Moscow for new talks on production levels. Russian oil minister Alexander Novak said on Tuesday he did not rule out joint measures with OPEC to stabilize the market, adding that the next OPEC+ meeting was planned for May-June. But Saudi Arabia's energy minister told Reuters he did not see a need for the meeting if there was no agreement on measures to deal with the impact of the coronavirus on oil demand and prices.