By Arathy Somasekhar HOUSTON (Reuters) -Oil prices settled marginally lower on Monday as concerns of an oversupply outweighed geopolitical tensions in Russia and the Middle East. Brent crude oil futures settled 11 cents, or 0.2%, lower at $66.57 a barrel. The global benchmark has traded between $65.50 and $69 since early August. U.S. West Texas Intermediate crude (WTI)contract for October, expiring on Monday, closed down at $62.64 a barrel, down 4 cents, or 0.1%. The more actively traded second-month co ...

Group 1: Oil Prices and Market Dynamics - Oil prices ended the week slightly lower, with ICE Brent closing around $67 per barrel, reflecting a minor week-over-week decline [6] - The anticipated U.S. Federal Reserve interest rate cut did not provide a bullish boost to oil prices, as it was overshadowed by larger-than-usual U.S. inventory builds and concerns about OPEC+ policies leading to oversupply next year [6] - Pricing in September has remained rangebound, fluctuating between $65.5 and $69.0 per barrel throughout the month [6] Group 2: OPEC+ and Production Capacity - OPEC+ delegates met in Vienna to discuss the methodology for assessing members' crude oil production capacities, aiming to use these assessments as references for 2027 production baselines to adjust quotas for countries experiencing declines [7] Group 3: Global Oil Developments - Namibia is preparing for a significant oil boom, with an estimated 20 billion barrels offshore and a success rate comparable to Guyana's oil boom, potentially positioning Namibia among the world's top 10 oil producers by 2035 [10] - U.S. oil major ExxonMobil denied rumors regarding a return to Russia's Sakhalin-I project, clarifying that discussions with Russian officials were focused on recouping a lost investment of $4.6 billion [11] - A fatal accident at Norway's Mongstad refinery led Equinor to halt all non-essential activities at the site, which had previously experienced a power outage that forced a halt in output [12]