Oil prices tick down as Iraq exports rise amid demand concerns

Oil prices fell slightly on Monday as worries of an oversupply outweighed geopolitical tensions in Russia and the Middle East.

Brent crude oil futures dipped 25 cents, or 0.4%, to $66.43 a barrel by 12:40 p.m. ET (1640 GMT). Brent has traded between $65.50 and $69 a barrel since early August.

U.S. West Texas Intermediate crude contract for October , expiring on Monday, was at $62.44 a barrel, down 24 cents, or 0.4%. The more actively traded second-month contract was down 27 cents, or 0.5%, at $62.09.

"Traders are back to focusing on a possibly over-supplied global oil market that is soon to come, unless the US & EU can agree on harsher tariffs on countries that purchase Russian crude," said Dennis Kissler, senior vice president of trading at BOK Financial.

Iraq, OPEC's second-largest producer, has increased oil exports under an OPEC+ agreement, state oil marketer SOMO said. It also expects September's exports to range from 3.4 million to 3.45 million barrels per day.

Kuwait's crude oil production capacity stands at 3.2 million barrels per day (bpd), oil minister Tariq Al-Roumi said in an interview with local newspaper Al Qabas, the highest assessment in more than 10 years.