Oil prices posted their largest weekly percentage gain in three years as traders looked past the current world-wide glut of crude to focus on signals of future production cuts. Market participants said oil prices, which have fallen more than 50% in the past seven months, could be bottoming out as producers have reacted to the low prices by cutting expenditure and reducing drilling activity. Analysts caution that the global oil market is still oversupplied and there are few signs of a major uptick in demand, so prices could slip yet again. The market was particularly volatile this week, posting a one-month high Tuesday before plunging Wednesday and then regaining those losses by the end of the week. U.S. oil for March delivery settled up $1.21, or 2.4%, at $51.69 a barrel on the New York Mercantile Exchange. Prices gained 7.2% this week, the largest weekly percentage gain since February […]