Weak economic data Monday from the European Union offset concerns about threats to the oil sector in Saudi Arabia, pushing oil prices lower. The price for Brent crude oil, the global benchmark, fell more than 1 percent from the previous close to trade at $62.71 per barrel early Monday. Brent is up more than 10 percent since the start of April, but still more than $40 per barrel below the June 2014 level. Crude oil is trading in a bear market because of a steady increase in oil output from key producers Saudi Arabia and the United States. While global demand for oil is increasing, key members of the world economy are still working to regain footing lost during the last recession. Eurostat, […]