Crude oil seen steady in Asia on Monday as OPEC and allies meet

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Crude oil prices are expected steady in Asia on Monday as OPEC and allies work out the next steps on production targets as a two-year pact to curb production is set to expire at the end of 2018.

OPEC and allies led by Russia met in Vienna at the weekend with some talk that production was outpacing demand, but fell short of officially setting new targets at a monitoring committee meeting. At the start of 2017, OPEC and allies agreed to trim oil output by 11.8 million barrels per day.

ICE Brent crude oil futures settled down 0.67 percent to US$70.18 a barrel on Friday. NYMEX West Texas Intermediate ended at US$60.19 a barrel, down 0.79 percent. Brent was down about 3.6 percent last week. WTI is down more than 22 percent from its October peak.

Bullish bets on crude futures and options in London and New York fell 41,211 contracts to 173,379 during the week ending Nov. 6, the Commodity Futures Trading Commission (CFTC) said on Friday, marking the lowest since Aug. 29, 2017.

Drillers added a dozen oil rigs in the U.S. last week, Baker Hughes said on Friday, taking the total to 886, the highest level since March 2015.