Crude oil gains set to continue Monday ahead of Iran sanctions

World currencies

Crude oil prices are seen higher in Asia on Monday as the market continues to tighten ahead of an early November deadline for the U.S. to renew full economic sanctions on Iran.

ICE Brent crude was last quoted down 0.20 percent to US$83.99 a barrel, while NYMEX West Texas Intermediate stood at US$74.31, down 0.04 percent. Last week, WTI rose one cent to settle at US$74.34 a barrel, while Brent fell 42 cents to settle at $84.16 a barrel.

Crude prices gained solidly last week as the U.S. stepped up efforts to get other nations to avoid oil trade with Iran before the sanctions begin on Nov. 4. Key producers Saudi Arabia and Russia have said they will provide more supplies to the market, but not at the pace sought by U.S. President Donald Trump.

Bullish bets on crude oil futures and options in London and New York fell by 13,459 contracts to 333,109 in the week to Oct. 2, the U.S. Commodity Futures Trading Commission said on Friday. Separately, the number of rigs drilling for oil in the U.S. fell by two to 861, according to Baker Hughes energy services.

Bond markets in the U.S. are closed Monday for a holiday.