Oil headed for a second weekly increase as OPEC and other producing nations continued with output cuts to reduce bloated global inventories and stabilize the market. Front-month futures rose 0.4 percent in New York and are up 3 percent for the week, set for the biggest weekly advance since Dec. 2. OPEC and other producers are due to reach the 1.8 million-barrel-a-day reduction target next month, Algeria’s Energy Minister Noureddine Boutarfa said Thursday. Nations are likely to fully comply with the deal and the curbs will bring global crude markets into balance early this year, Kuwait’s oil minister said Wednesday. Oil has fluctuated above $50 a barrel since 11 nations including Russia last month joined with the Organization of Petroleum Exporting Countries to trim supply. While Saudi Arabia says more than 80 percent of the targeted cuts have been implemented since the deal took effect on Jan. 1, the […]