Oil prices opened the week lower on Monday on renewed concerns about a global glut in crude supply. The European benchmark, Brent, was trading down 1% at $48.24 a barrel for July delivery. Its U.S. counterpart, West Texas Intermediate, was trading down 1.2% at $47.82. The WTI contract rolled over this weekend. Last week, supply disruptions in North America and Africa helped push oil to a yearly high of nearly $50 a barrel. In recent days, though, there were signs that some of that supply is returning, dispelling hopes that the global glut of oil will subside soon. “There is downside risk on the eventual return of Canadian supply, the possible return of Libyan supply,” Bjarne Schieldrop said, chief commodities analyst at SEB Markets. On Friday, Canadian officials lifted the mandatory evacuation order that had been placed on some production sites in Canada’s wildfire ravaged province of Alberta. That […]