Oil prices set for third weekly increase on OPEC curbs, demand hopes

Crude has held on to its rally above $50 a barrel for over a week, rebounding more than 20 per cent from a low on Dec. 24

Oil headed for a third weekly increase on expectations that production cuts by OPEC and resilient fuel demand will keep global markets in balance.

Futures rose as much as 1.7 per cent in New York, with gains over the past three weeks totaling about 16 per cent. OPEC’s production fell by the most in almost two years in December before a fresh round of cuts started this month, and Russia is aiming to speed up the pace of its curbs. The International Energy Agency maintained its outlook for an acceleration in global demand growth this year as lower prices offset the