Oil rallied for a second day as an industry report signaled another drawdown in US crude inventories, adding to a tightening supply outlook after Saudi Arabia flagged possible cuts to production.
Brent futures rose 1.4 per cent to trade above US$101 a barrel in London. The American Petroleum Institute reported crude stockpiles dropped by 5.63 million barrels last week, according to people familiar. That followed news that exports from Kazakhstan may be disrupted for months.
Oil has rebounded since Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said the futures market is increasingly disconnected from fundamentals, and the OPEC+ alliance may be forced to cut output. The potential revival of a nuclear deal with Iran, which could lead to a surge in exports from the OPEC producer, has weighed on the market recently. A senior House Republican demanded that the US Congress be given a chance to review any agreement as Tehran and Western powers inch toward an accord.Brent for October settlement added 1.4 per cent to US$101.65.
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