Baghdad: Oil prices stabilized today, after three days of decline due to growing concerns about oversupply after the OPEC+ group agreed to another significant production increase in September. However, the possibility of further disruption to Russian supplies supported the market. Brent crude futures settled at $68.76 a barrel, while US West Texas Intermediate (WTI) crude fell 2 cents, or 0.03%, to $66.27 a barrel.

According to National Iraqi News Agency, both crudes fell more than 1% in the previous session, reaching their lowest levels in a week at the settlement. OPEC+, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies, pumps about half of the world’s oil.