Oil prices fell more than 1 percent on Friday, posting a second straight week of losses, on worries that U.S. President Donald Trump's decision to abandon a climate pact could spark more crude drilling in the United States, worsening a global glut.
U.S. West Texas Intermediate crude futures settled 77 cents, or 1.5 percent, lower at $47.66 per barrel. Benchmark Brent crude futures were trading at $50.10 a barrel by 3:39 p.m. ET (1939 GMT), down 53 cents, or 1.1 percent.
Both contracts were down about 4 percent on the week.
Market analysts are troubled by a growth in U.S. crude production that is straining efforts from the Organization of the Petroleum Exporting Countries to reduce global oversupply.
U.S. drillers this week added 11 rigs, in a record stretch of 20 straight weeks of additions, data from energy services company Baker Hughes showed.