Oil prices pushed higher for a second day on Wednesday, by more than 1%, buoyed by sanctions-related supply risk and hope of a US-China trade deal while investors also digested news of the U.S. seeking oil for delivery to its strategic reserves.

Brent crude futures rose 94 cents, or 1.5 per cent, to $62.26 a barrel as of 0400 GMT, while US West Texas Intermediate crude futures climbed 92 cents, or 1.6 per cent, to $58.16.

Oil has bounced off a five-month low that was hit on Monday as producers pumped more supply while trade tension blunted demand.

Supply risk arose from news overnight that a summit between U.S. President Donald Trump and Russian President Vladimir Putin was put on hold as well as disruption fear fuelled by Western pressure on Asian buying of Russian oil.

“Despite the o

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