Oil prices fell Monday for a third straight session as the market’s focus shifted back to the global oversupply of crude. Light, sweet crude for July delivery, the U.S. benchmark, declined 44 cents, or 0.7%, to $59.52 a barrel on the New York Mercantile Exchange. The global Brent contract for August ended down $1.26, or 2%, at $62.61 a barrel on the ICE Futures Europe exchange. The U.S. contract is now 3.1% below the high for the year set last week, and the Brent contract is 7.6% below its 2015 high set in May. Price-reporting agency Platts said Monday that the Organization of the Petroleum Exporting Countries, led by Saudi Arabia, raised output in May to 31.1 million barrels a day, more than 1 million barrels above its quota and 1.8 million barrels above its daily demand forecast for its own oil. It was the highest level of output […]