Crude oil traded extended higher on Friday, amid the outlook for improved global demand and tight supply.
Benchmark Brent crude broke through the $94 price level for the first time since November 2022, to trade at $94.53 during the Asian session.
Meanwhile, US WTI oil also rose further to a new 10-month high, trading firmly at $91.10 a barrel.
Both benchmarks are up more than 4% this week and are on track for a third straight week of gains.
In the Asian session, China's economic data unexpectedly posted a stronger reading in August, seeing retail sales rise 0.4% and China's industrial production rise 4.5%.
In addition, China's central bank reduced cash reserve requirements for all banks to boost the country's economic recovery, thus lifting demand prospects in the world's top crude oil importer.
On the supply side, OPEC, the US government and the International Energy Agency all forecast a market deficit in the fourth quarter due to further supply cuts by Saudi Arabia and Russia.
