Crude up in Asia on Monday as tight supplies seen

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Crude oil rose on Monday in Asia trade as the market sees tighter supplies ahead with the U.S. set to renew economic sanctions on Tehran on 4 November.

In addition, unrest in Libya reported at the weekend has led to concerns of crimped oil output from that OPEC producer. Reuters reported on Monday that a small group of Libyan tribe-members protested their living conditions at the El Sharara oilfield last week.

ICE Brent rose 0.44 percent to US$77.96 a barrel in early Asian trade on Monday. NYMEX WTI gained 0.41 percent to US$67.87 a barrel.

Brent settled up 0.95 percent at US$77.62 a barrel, while WTI gained 0.39 percent to US$67.59 a barrel on Friday. Brent lost 2.7 percent last week, while WTI eased 2.3 percent.

Data points at the end of last week were mixed. Bullish bets by hedge funds and money mangers in London and New York on crude oil futures and options fell 42,644 contracts to 216,733 in the week ended 23 October, the lowest level since September 2017, the Commodity Futures Trading Commission said on Friday.

Drillers added two oil rigs in the U.S. last week, Baker Hughes said on Friday, taking the total to 875 for a third straight week of gains.

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