Oil climbs on demand optimism as market volatility takes a hit
Oil traded near the highest close in more than two years as optimism over burgeoning US-led demand outweighed concern that Iranian supplies will jump should sanctions on official exports be lifted.
West Texas Intermediate edged higher after settling at the strongest since October 2018 on Thursday. With prices stuck within a $10 range since March, market volatility has taken a hit, falling to its lowest level since August on the global Brent benchmark.
With the US economy recovering from the pandemic, more drivers are taking to the roads and stockpiles are drawing. Monday marks Memorial Day in the US, a holiday weekend that sees the start of the summer driving boom in the US.
