Oil prices fall as expected more supply weigh on market sentiment

Oil prices fell for a third day on Thursday and were set to end the week lower as investors focused on expectations of increased supplies from Libya and the broader OPEC+ oil-exporting countries.

Brent crude futures were down 57 cents, or 0.8%, at $71.03 a barrel by 0036 GMT, while U.S. West Texas Intermediate (WTI) crude futures were down 58 cents, or 0.9%, at $67.09 a barrel.

On a weekly basis, Brent is seen down about 4.6%, while U.S. crude is set to fall 6.6%, according to Reuters.

“Libya and OPEC+ are big factors on the markets’ radar this week,” analysts at FGE Energy told clients on Thursday.