Oil little changed after hitting one-week low, oversupply concerns linger

NEW YORK: Oil prices were little changed on Tuesday after three days of declines on mounting oversupply concerns after OPEC+ agreed to another large output increase in September, though the potential for more Russian supply disruptions supported the market.

Brent crude futures were unchanged at US$68.76 a barrel by 0036 GMT while US West Texas Intermediate crude was at US$66.27 a barrel, down 2 cents, or 0.03 per cent.

Both contracts fell by more than one per cent in the previous session to settle at their lowest in a week.

The Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, pumps about half of the world's oil and had been curtailing production for several years to support the market, but the group introduced a series of accelerated output hikes this year to regain market share.

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