The oil futures complex settled lower Monday as a rebound in Libyan production and concerns over the global economy added to the perception of an already oversupplied market. Front-month NYMEX crude closed 4 cents lower at $82.71/b, while ICE December Brent ended 76 cents lower at $85.40/b. In refined products, NYMEX November ULSD settled down 1.2 cents at $2.4856/gal. NYMEX November RBOB closed 3.25 lower at $2.2002/gal. Crude futures managed to avoid falling to multi-year lows seen last week, but were still unable to close in positive territory. “Oil prices had a hard time maintaining any kind of rally,” Phil Flynn, analyst at Price Futures Group, said. A downturn in the US equity markets, combined with news out of Iran that the government is […]