Oil above $86

Oil raced towards 86 dollars a barrel in Asian trade Monday, extending gains on demand optimism amid signs of a global economic upswing, analysts said.
New York's light sweet crude for delivery in May was up 77 cents to 85.64 dollars a barrel. New York crude briefly traded above 85 dollars last week, its highest level since October 2008.
Brent North Sea crude for May climbed 59 cents to 84.60 dollars a barrel.
Analysts said the market's rally was helped by a series of bullish economic data, including Friday's US jobs report, which showed the biggest growth in three years, boosting recovery hopes for the world's largest economy.