Oil Markets Shrug Off Gasoline Demand Fears

U.S. West Texas Intermediate crude oil futures are putting in a mixed performance on Friday, but still headed to their biggest weekly gain since mid-December as a slew of positive developments encouraged traders to add to their bullish positions. The week started with the news that bullish hedge funds had returned to the market as the threat from the Omicron coronavirus variant receded. The early rally gained momentum after OPEC+ agreed to lift output in February in a move that suggested strong confidence in future demand. Midweek, prices rose…