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Brent crude futures rose 65 cents, or 0.7%, to $94.35 as of 0630
GMT, while the U.S. West Texas Intermediate crude (WTI) was up
67 cents, also 0.7%, at $90.83.
Both benchmarks were up about 4% from a week ago.
China's industrial output and retail sales grew at a
faster-than-expected rate in August, suggesting the world's
second-largest economy is starting to stabilize from a
months-long stumble.
Data from the National Bureau released on Friday also showed oil
refinery processing rose to a record 64.69 million tons in
August, up 19.6% from a year earlier and equal to 15.23 million
barrels per day (bpd).
Refining throughput surged as Chinese processors kept run rates
high to meet summer travel demand and capitalize on
strengthening margins for exporting to Asian consumers.
"Betting on oil is becoming a favorite trade on Wall Street. No
one is doubting the OPEC+ (oil-producing nations) decision at
the end of last month will keep the oil market very tight in the
fourth quarter," said analyst Edward Moya at OANDA.
The record China refining rates are occurring as output cuts by
major producers Russia and Saudi Arabia are increasing worries
about supply. The supply concerns have pushed both Brent and WTI
to their highest since November.
The International Energy Agency said this week it expects Saudi
Arabia's and Russia's extended oil output cuts to result in a
market deficit through the fourth quarter.
(Reporting by Sudarshan Varadhan; Editing by Christopher Cushing
and Christian Schmollinger)
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