The Globe and Mail reports in its Tuesday edition Canadian oil producers are having their hopes dashed for a rebound in crude prices in the second half of the year, as prices dropped again Monday. The Globe's Shawn McCarthy writes U.S. production remains near record levels and the number of working rigs is rising. OPEC has boosted output rather than cut back, and turmoil in Greece and China has cast a cloud over the global economy. On top of that, a rising U.S. dollar has put downward pressure on crude prices and the Iranian nuclear deal will put more oil on world markets in the coming months. West Texas Intermediate fell Monday by 75 cents to a four-month low of $47.39 a barrel (all figures U.S.). Many analysts had expected the industry's pullback on capital spending early this year to result in lower production as early as this summer, particularly in the U.S. shale oil sector where intensive drilling is needed to offset high decline rates per well and maintain output. Bank of Nova Scotia commodity economist Patricia Mohr released a revised outlook on Monday, cutting her forecast for 2015 to $54 a barrel and for 2016 to $59, down $5 a barrel in both cases. U.S. production remains at or near peak levels.