Oil prices fell for the third consecutive day on Friday, heading for a weekly decline as investors focused on expectations of increased supplies from Libya and other OPEC+ member countries.

Brent crude futures lost 57 cents, or 0.8%, settling at $71.03 a barrel, while U.S. West Texas Intermediate (WTI) crude futures dropped 58 cents, or 0.9%, to $67.09 a barrel.

On a weekly basis, Brent crude is expected to decline by about 4.6%, while U.S. crude is on track for a loss of 6.6%.