Asian stocks advanced, following U.S. stocks higher on better-than-estimated retail sales in the world's biggest economy. Oil in New York extended declines below $60 a barrel.

The MSCI Asia Pacific Index increased 0.7 percent by 1:51 p.m. in Tokyo, paring the biggest weekly decline since Oct. 17 as Japanese shares gained before elections this weekend. Standard & Poor's 500 Index futures slipped 0.2 percent, with the U.S. gauge set to snap a seven-week rising streak. West Texas Intermediate crude slumped 1.1 percent to $59.30.

Oil's collapse into a bear market has been exacerbated as Saudi Arabia, Iraq and Kuwait, OPEC's three largest members, offered the deepest discounts on exports to Asia in at least six years. While that's hurting producers and fueling deflation fears for some central banks, it's leaving more money in the pockets of U.S. consumers as hiring picks up and the Federal Reserve ponders the timing of any increase in interest rates. China reports on industrial production today.

“Plummeting crude prices will benefit main oil consumers including the U.S., India and Indonesia, while hurting countries like Russia and those in the Middle East,” Hong Sung Ki, a commodities analyst at Samsung Futures Inc. In Seoul, said. “For Japan and European nations who are concerned about deflation, decreasing oil prices gives them room to more aggressively ease monetary policy.”

Australia's S&P/ASX 200 Index swung between gains and losses and South Korea's Kospi index added 0.4 percent.

Hong Kong's Hang Seng Index pared gains to 0.1 percent and a gauge of Chinese companies listed in the city rose 0.5 percent, trimming its weekly loss to 2.2 percent. The Shanghai Composite Index was little changed.