Crude-oil futures in Asia extended overnight gains Friday, tracking a stronger euro and as positive developments in Spain and some encouraging economic data helped support investor sentiment.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in November traded at $92.41 a barrel at 0721 GMT, up $0.56 in the Globex electronic session. November Brent crude on London's ICE Futures exchange rose $0.56 to $112.57 a barrel.
Nymex crude snapped a three-day losing streak to settle $1.87 higher Thursday at $91.85 a barrel as strength in U.S. gasoline futures spilled over into crude oil following reports of an explosion at a Canadian refinery. Gasoline futures have surged 7.8% in the last three days due to refinery shutdowns and low inventories.
In Europe, Spain unveiled a budget and reform package for 2013 that includes tough austerity measures designed to satisfy conditions for a bailout, relieving some concerns about its economy.
While U.S. initial jobless claims data was positive, signaling some recovery in the job market, U.S. orders for durable goods data, pending home sales data for August and the second quarter gross domestic product figure were disappointing.
Market sentiment was positive on expectations that China will introduce new measures to stabilize financial markets. However, growth concerns continued to weigh. China and India's economies are likely to expand at a slower pace this year than previously expected amid worsening prospects for global growth, Fitch Ratings said Friday.
The results of independent bank stress tests in Spain are due later today, Moody's is expected to announce its review on Spain before the month ends, the Chicago PMI is due at 1345 GMT and University of Michigan confidence data is due at 1355 GMT.
Oil prices are supported by ongoing tensions in the Middle East. Iran on Thursday vowed to "retaliate" against any attack after comments by Israel's prime minister, AFP said in a report.
But U.S. crude-oil imports fell 7.2%, or 670,000 barrels a day, in July from a year earlier, government data showed Thursday.
"Oil demand also fell 0.9% year-on-year over the same period, suggesting continued downward pressure on oil prices," OCBC Bank said in a note.
Nymex reformulated gasoline blendstock for October--the benchmark gasoline contract--rose 79 points to $3.1522 a gallon, while October heating oil traded at $3.1683, 110 points higher.
ICE gasoil for October changed hands at $988.25 a metric ton, up $7.25 from Thursday's settlement.
