Oil raced toward 86 US dollar a barrel in Asian trade today, extending gains on demand optimism amid signs of a global economic upswing. New York's light sweet crude for delivery in May was up 84 cents to 85.71 US dollars a barrel. New York crude briefly traded above 85 dollars last week, its highest level since October 9, 2008.Brent North Sea crude for May climbed 72 cents to 84.73 dollars a barrel.