Crude expected to be weaker in Asia

Petrol station in Singapore in the Geylang neighborhood; taken August 2018.Petrol station in Singapore in the Geylang neighborhood; taken August 2018.

Crude oil prices are seen weaker in Asia Monday on news the U.S. rig count rose last week and long bets on futures fell.

ICE Brent crude oil settled at $78.09, up 1.6% on week, while NYMEX West Texas Intermediate ended at $68.99 a barrel, a gain of 1.8% on the week.

Oil rigs in the U.S. rose by seven to 867, Baker Hughes said on Friday. So far this year, the total number of oil and gas rigs active in the U.S. has averaged 1,017. The total rig count for 2018 is on track to be the highest since 2014, which averaged 1,862 rigs.

Bullish bets on crude futures and options in London and New York fell by 27,674 contracts to 358,813 during the period ended Sept. 11, the Commodity Futures Trading Commission said on Friday.