Oil Supply Outlook Looks ‘Relatively Subdued,’ ANZ’s Hynes Says Oil capped its fifth week of gains on continued signs of robust demand and strained crude supplies that have taken prices to seven-year highs. Futures in New York edged lower on Friday, just above $85 a barrel, but were still up 1.6% for the week. Oil neared $88 earlier this week for its highest level since 2014 as geopolitical tensions threatened greater supply outages alongside strong demand numbers, despite the omicron variant. As prices rise, much of Wall Street has been growing steadily more bullish. Morgan Stanley has joined Goldman Sachs Group Inc. in forecasting $100 oil later this year, and Bank of America reiterated that it expects oil to hit $120 a barrel by the summer. Citigroup Inc. cautioned that sticking to a bullish view could be dangerous after this quarter. Markets also dissected the strong picture of demand […]