Oil prices dropped for a fourth consecutive session on Friday and were set for their first weekly decline in three weeks, weighed down by rising expectations of another large OPEC+ output increase for July.

Crude oil settled lower for a third straight day as the possibility of another large production increase by OPEC+ for July added to concerns that global supply could outpace demand growth.

The group agreed to raise output in June, a sign that Saudi Arabia and its allies appear to be weary of cutting output and may be trying to appease President Trump, who has pushed for lower prices.