Oil prices declined for a third day on Friday and were on track to end the week lower on expectations of higher supplies.

Brent crude futures fell 57 cents, or 0.8%, to $71.03 per barrel.

US West Texas Intermediate crude futures were down 58 cents, or 0.9%, to $67.09 a barrel.

On a weekly basis, Brent crude was set to shed about 4.6%, while WTI is on track to slide 6.6%.

The Organization of Petroleum Exporting Countries (OPEC), and its allies, a group known as OPEC+, are currently cutting oil output by a total of 5.86 million bpd but it plans to reverse 180,000 bpd of those cuts in December.

Source: Qatar News Agency