Oil Rises as Saudi, Venezuela Supply Cuts Eclipse Boom in U.S.

IEA warns of disruption to crude flows as Saudis keep cutting
American stockpiles grow but imports hint at tightening market

The sun sets over crude oil storage tanks at the Juaymah tank farm, operated by Saudi Aramco, in Ras Tanura, Saudi Arabia, on Monday, Oct. 1, 2018. Saudi Aramco�aims to become a global refiner and chemical maker, seeking to profit from parts of the oil industry where demand is growing the fastest while also underpinning the kingdom�s economic diversification.Photographer: Simon Dawson

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By Alex Nussbaum and Michelle Kim

February 13, 2019 at 12:28 AM UTC

Updated on

February 13, 2019 at 8:09 PM UTC

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Oil climbed for a second day as dwindling shipments from two of the world’s biggest crude exporters eclipsed another big jump in U.S. supplies.

Futures in New York closed up 1.5 percent, reaching the highest point in a week. The rally came as the International Energy Agency warned that turmoil in Venezuela could disrupt global flows of heavy crude and after Saudi Arabia said it would extend its own cuts. A U.S. Energy Department report showed higher-than-expected domestic inventories but plummeting imports.