The price of oil edged lower Monday after its biggest one-day drop since April on expectations Libyan oil will soon return to the market. Benchmark U.S. crude for August delivery was down 39 cents to $100.44 per barrel at 0535 GMT in electronic trading on the New York Mercantile Exchange. It fell 3.1 percent last week and is down 4.3 percent so far in July. Brent crude, a benchmark for international oils, gained 19 cents to $107.45 on the ICE exchange in London. Oil prices shot up in June to a 10-month high over concerns violence in Iraq might disrupt supplies from OPECs second-largest exporter. Prices then drifted lower over the past two weeks as the advance by Iraqi insurgents stalled and oil exports were not threatened. Friday’s decline of $2.10, or about 2 percent, in the U.S. price was the biggest one-day loss since oil fell 2.2 percent […]