Oil rose on optimism that fuel demand will keep rising and tighten the market, despite a Covid-19 resurgence in many regions. Futures in New York added 0.6% after sliding 0.6% on Monday to settle near $74 a barrel. The vaccine rollout has accelerated the demand rebound across major economies, although the spread of the delta variant is a reminder that the recovery will be bumpy. The market is set for a significant tightening if OPEC+ doesn’t resolve a standoff to lift output, the International Energy Agency said. “We have seen this playbook before — it was the European resurgence at the start of the year, then India followed by Southeast Asia,” said Howie Lee, an economist at Oversea-Chinese Banking Corp. “In the short term, we might see a bit of jitter across markets, but the fundamental picture has hardly budged.” While oil has rallied more than 50% this year, […]