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.

OPEC+ output hikes, however, also come as the best quality shale areas in the biggest U.S. oilfield, the Permian, have been depleted. As producers move toward secondary areas, production costs are rising. Inflation has added to those costs.