Oil rallies above $67 as demand optimism outweighs Iran supply concerns

Investors wager that progress in combating the Covid-19 pandemic will spur energy consumption.

Oil extended gains from the highest close in more than two years as optimism over burgeoning U.S.-led demand outweighed concern that Iranian supplies will jump should sanctions on official exports be lifted.
 

West Texas Intermediate rose 0.5% in early Asian trading after settling at the highest finish since October 2018. With the U.S. economy recovering from the pandemic, more drivers taking to the roads, and stockpiles drawing, most-active prices in New York are on course for a sixth straight daily advance.

That positive picture is being clouded, at least for now, by concerns that talks in Vienna between