Oil Set for Biggest Weekly Gain in Two Years on OPEC,

Oil headed for its biggest weekly increase in two years in New York as OPEC cutbacks reined in supply while reassurance from the Federal Reserve buoyed the outlook for demand.

Futures returned to a bull market this week after recovering about 20 percent from the lows reached in December. Saudi Arabia gave assurances on Wednesday that the production cuts by OPEC and its partners starting this month will be deep enough to prevent any surplus. Nonetheless, crude remains 30 percent below the four-year high it hit in October as U.S. shale output continues to surge and China’s economy shows signs of slowing…read more

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