Oil headed for the biggest weekly gain since August, holding gains near $50 a barrel in New York on speculation that rising demand and retreating supply will whittle away the global surplus. West Texas Intermediate futures climbed as much as 2.3 percent for a gain of 10 percent this week. A “new capital discipline” in the industry will allow oil consumption to catch up with supply, according to Gary Ross, the founder and chairman of PIRA Energy Group. Crude will advance over the next 12 months as the worst of the collapse in commodities prices is probably over, predicted Pacific Investment Management Co., which manages $15 billion in commodity assets. Crude traded above $50 a barrel Thursday for the first time since July on signs expanding demand will trim the surplus that drove prices to the lowest level in six years. The U.S. Federal Reserve’s minutes indicated policy makers […]