Oil is on pace for its biggest annual gain since the financial crisis, even in a year that also sent prices dipping to a decade low. Saudi Arabia and its allies in the Organization of the Petroleum Exporting Countries are reclaiming their role as the world’s cartel, pledging to cut output to end a glut that had shaken the market for two years. Their moves have fueled a gradual rally since February, with many traders now betting oil will approach $60 a barrel within just a year of a crash that had pushed it below $30 and shook financial markets world-wide. Questions about OPEC’s power and willingness to use it have been the biggest force in oil this year, and that is still the case in the waning days of 2016 as traders wait to see whether OPEC follows through on a plan to cut global supply by more […]