Oil Markets Ignore Bearish Risks

U.S. West Texas Intermediate crude oil futures are edging higher on Friday as investors showed no signs of lightening up on the long side ahead of the weekend and next week’s holiday-shortened week. The market is currently trading at its highest level since March 3 as traders shrugged off negative future demand news throughout the week and instead focused on the optimism created by the rollout of the coronavirus vaccines and hopes for a new fiscal stimulus deal. A weaker U.S. Dollar, which fell to more than a 2-1/2 year low also drove up…