Oil rose for a second day on signs Iran and world powers will miss another deadline for a nuclear deal that could end sanctions on the OPEC producer.
Futures gained as much as 1.1 percent in New York, after climbing the most Thursday in more than two weeks. Senior officials involved in the negotiations said it was too late to reach an agreement by Friday morning in Vienna, the last chance to qualify for a 30-day review in the U.S. Congress. A measure of crude trading volatility was near the highest level in 12 weeks.
Oil’s advance is paring a second weekly loss driven by China’s equities rout and the turmoil in Greece. Iran, the fourth-largest producer in the Organization of Petroleum Exporting Countries, plans to boost crude exports and recapture market share if international sanctions are lifted.
