Crude oil futures traded lower Monday, as tension in several parts of the globe failed to shift the commodity out of a range it has traded in for the last eight days. ICE September crude was down 0.66% at $107.68 a barrel. WTI crude on the Nymex exchange was down 0.62% at $101.46 a barrel. “Challenges remain given weak crude demand in Europe and Asia combined with excess cargoes in the Atlantic Basin,” analysts at Morgan Stanley wrote in a note to investors. Prices may need to fall further, they said, before buyers become interested again. A lower price could also shift trade flows or lead to a strategic reduction of supply, for example from a swing producer such as Saudi Arabia. Risks remain in the world’s hot spots. “Geopolitical developments are sure to keep the oil market on its toes,” analysts from research firm JBC Energy wrote in […]