By Biman Mukherji

--Oil futures were lower in Asian trading on Monday following the market's late-week rebound ate into worries about the resumption of Libyan exports.

--August light, sweet crude on the New York Mercantile Exchange was recently down 0.6% at $70.61 a barrel in the Globex trading session. September Brent also fell 0.6%, to $74.87.

--While predicting steady prices this week, OM Financial's Kevin Morgan considers the longer-term outlook bearish with Saudi Arabia and Russia set to increase crude production. He also thinks "Iran oil will come to the market by hook or crook."

Write to Biman Mukherji at biman.mukherji@wsj.com

(END) Dow Jones Newswires

July 16, 2018 00:56 ET (04:56 GMT)