Ammon News - Oil prices gained in Asian trade on Monday supported by geopolitical tension in Europe and the Middle East, although the prospect of more oil supply and concern about the impact of trade tariffs on global fuel demand weighed.

Brent crude futures rose 34 cents, or 0.54%, to $67.07 a barrel by 0317 GMT while the U.S. West Texas Intermediate crude contract for October was at $63.02 a barrel, up 34 cents, or 0.54%.

The October WTI contract expires on Monday and the more active November contract gained 36 cents, or 0.58%, at $62.76 a barrel.

Brent and WTI settled down more than 1% on Friday to mark a slight decline last week as worries about large supplies and declining demand outweighed expectations that the year's first interest-rate cut by the U.S. Federal Reserve would trigger more consumption.

Iraq has increased oil exports following the gradual unwinding of voluntary production cuts under an OPEC+ agreement, the country's state oil marketer SOMO said on Sunday.

Iraq's oil exports averaged 3.38 million barrels per day in August, according to the oil ministry. SOMO expects September's average exports to range from 3.4 million to 3.45 million bpd.

Reuters