Oil prices slumped more than 4 percent on Monday, with Brent reaching a three-month low, as Libyan ports reopened and traders eyed potential supply increases by Russia and other producers. Brent crude LCOc1 futures fell $3.49 to settle at $71.84 a barrel, a 4.63 percent loss, while U.S. West Texas Intermediate (WTI) crude CLc1 futures fell $2.95 to settle at $68.06 a barrel, a 4.15 percent loss. Brent’s dive pushed it to a session low of $71.52 during the session, its lowest since mid-April. Falling prices offset gains late last week caused by supply outages in Libya, a labor dispute in Norway and unrest in Iraq. Russia and other oil producers could raise output by 1 million barrels per day (bpd) […]