Brent for November settlement climbed 0.7% to $94.37 a barrel at 7:16 a.m. in London.
Brent oil headed for a third weekly gain as the market continued to tighten on the back of supply curbs from Saudi Arabia and Russia.
Demand has also held up on increasing signs the US may be able to avoid a recession, while data from China on Friday beat economists’ estimates in a sign the worst of the downturn is passing. The tightening market is also being reflected in surging fuel prices, with diesel at a record high on a seasonal basis in New York.
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