Crude oil continued to maintain its strengthening momentum to trade at record highs amid continued US dollar weakness.
In the Asian session, Brent crude oil futures traded firming at a three-month high of $86 a barrel.
Meanwhile, US WTI trading strengthened at the highest level since November, trading at around $82 per barrel.
The decline in the US dollar continued on Friday following the release of consumer and producer inflation data showing that price pressures in the United States are easing.
It thus raised market expectations for the Federal Reserve to stop raising interest rates.
Oil prices have soared since OPEC and its allies including Russia, known as OPEC+, announced a sudden cut in production of 1.16 million barrels a day starting in May.
Investors are now awaiting a report from the International Energy Agency (IEA) which will publish projections for global oil demand.
US retail sales data in the New York session will also be the focus of the market to assess the level of consumer spending in the country.
