U.S. crude settled at $44.84 per barrel on Friday's session, dropping $2.21 or 4.7 percent. The settle marks the lowest close since Jan. 28.
Oil futures were little changed after the pace of rig reductions in U.S. oilfields slowed moderately in the last week, according to data from Baker Hughes.
The number of rigs exploring for oil in the United States fell by 56, compared with a 64-rig reduction in the prior week. Total U.S. oil rigs stood at 922, compared with 1,461 at the same time last year.
Canadian drillers took 65 rigs offline in the last week, Baker Hughes reported.
U.S. crude earlier fell more than 4 percent after the International Energy Agency said that a global oil glut is building and U.S. oil production shows no signs of slowing.
The IEA, which advises industrialized countries, said in its monthly report that the United States may soon run out of empty tanks to store crude, which would put additional downward pressure on prices.