Crude-oil futures dropped in Asian trade Monday, reversing most of Friday’s gains as investor sentiment remained largely bearish. On the New York Mercantile Exchange, light, sweet crude futures for delivery in September traded at $96.67 a barrel at 0624 GMT, down $0.68 in the Globex electronic session. October Brent crude on London’s ICE Futures exchange fell $0.93 to $102.60 a barrel. Despite Nymex and Brent gaining on Friday on reports of Ukraine destroying a Russian convoy, oil prices registered a loss for the week ended Aug. 15. For the whole of last week, Nymex September crude lost 30 cents, and has been lower for four consecutive weeks; Brent crude for October lost $2.09 and has been down for two of the past three weeks. Money managers such as hedge funds continued to cut their bullish bets on WTI crude in the week ended Aug. 12, according […]