Oil prices erased early losses Monday after falling near their financial-crisis lows. Analysts say a small price bounce isn’t a surprise, as traders who have bet on lower prices are likely taking profits after six straight sessions of losses. Money managers including hedge funds have piled on bets that U.S. oil prices could fall in recent weeks, according to the Commodity Futures Trading Commission. The oil market remains globally oversupplied, with producers in the U.S., Saudi Arabia and elsewhere continuing to pump at full tilt. Meanwhile, seasonal demand for heating oil has ebbed due to moderate temperatures in the U.S. and Europe, keeping inventories of refined products higher than normal. “We’ve been going straight down like a plumb line,” said Mark Benigno, co-director of energy trading at INTL FCStone Inc. INTL -0.30 % The oil glut “looks like it will take a while to get mopped up, and it’s […]