Oil storage tanks in Cushing, Oklahoma. Photographer: Daniel Acker/Bloomberg 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% to trade above $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. The market’s rally has spurred a more positive technical picture in the oil market, with Brent trading above its 200-day moving average. Timespreads that gauge market strength also jumped in recent days. 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. “Overall the comments from […]