Dhaka, Aug. 14 -- Oil prices climbed on Thursday as investors remain cautious the US-Russia summit on Ukraine on Friday will lead to a loosening of Russian crude sanctions and may even result in further action against buyers, while a weak market outlook capped gains.

Brent crude futures were up 24 cents, or 0.37 per cent, at $65.87 a barrel at 0356 GMT, while US West Texas Intermediate crude futures rose 21 cents, or 0.34 per cent, to $62.85, according to Reuters.

Both contracts hit their lowest in two months on Wednesday after bearish supply guidance from the US government and the International Energy Agency (IEA).

Trump on Wednesday threatened "severe consequences" if Putin does not agree to peace in Ukraine. Trump did not specify wh...