Oil prices erased most of their losses and closed slightly lower Monday as traders faced increased OPEC production and a stronger dollar. Light, sweet crude for September delivery closed down 43 cents, or 0.6%, at $67.20 a barrel on the New York Mercantile Exchange, after falling as much as 2.8% earlier in the session. Brent crude, the global benchmark, inched down 20 cents, or 0.3%, to $72.61 a barrel. Both benchmarks have fallen 9% from their multiyear highs hit earlier in 2018—hurt in recent weeks by the prospect that higher output from Saudi Arabia and other large producers will ease fears of a supply shortage. Data Monday showed crude oil output from the Organization of the Petroleum Exporting Countries ticked up slightly in July even as production in Saudi Arabia—the de facto leader of the group—declined. An oil facility in North Dakota. Photo: Daniel Acker/Bloomberg News Investors monitored recent […]