Because of China, Oil continues to terrorize again!

<p>&nbsp;Crude oil traded extended higher on Friday, amid the outlook for improved global demand and tight supply.</p><p><br /></p><p>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.</p><p><br /></p><p>Meanwhile, US WTI oil also rose further to a new 10-month high, trading firmly at $91.10 a barrel.</p><p><br /></p><p>Both benchmarks are up more than 4% this week and are on track for a third straight week of gains.</p><p><br /></p><p><br /></p><p>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%.</p><p><br /></p><p>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.</p><p><br /></p><p>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.</p>