Oil prices settled slightly lower on Monday due to concerns of oversupply despite geopolitical tensions. Brent crude futures closed down 11 cents at $66.57 a barrel, while U.S. WTI crude closed at $62.64. Iraq has increased oil exports under an OPEC+ agreement, with September exports expected to range from 3.4 to 3.45 million bpd. Kuwait’s crude oil production capacity is at 3.2 million bpd, the highest in over a decade. U.S. equities dipped amid uncertainty about the Federal Reserve’s next moves, despite tensions in the Middle East and Europe. Brent and WTI settled down more than 1% on Friday due to concerns of large supplies and declining demand. Iraq has also approved a plan to resume pipeline oil exports from Kurdistan through Turkey.

Read more at Yahoo Finance: Oil dips as Iraq exports rise amid demand concerns