Crude oil futures settled slightly lower on Monday amid lingering oversupply concerns as eight OPEC+ member nations had agreed on to boost production by 137,000 barrels per day (bpd) beginning in October. Besides, Iraq is slated to resume oil exports from the Kurdish region to a pipeline to Turkey, which is expected to add at least 230,000 bpd of fresh oil supplies to global markets.
Benchmark crude oil futures for November declined $12 or 0.2% at $62.28 a barrel on the New York Mercantile Exchange. Brent crude for November delivery decreased $0.11 or 0.16% to settle at $66.57 a barrel on London's Intercontinental Exchange.