Oil prices fell about 3 percent on Friday, as a week of profit-taking and the return of oversupply concerns led the market lower, snapping a multi-week bull run.
U.S. West Texas Intermediate (WTI) crude fell 2.95 percent, settling at $49.29, breaking a four week win streak. It closed down nearly 4.5 percent in the worst performing week since March 10.
The prospect of extended oil production cuts by the Organization of the Petroleum Exporting Countries and other producers led by Russia had supported prices on Thursday.
But on Friday Russia clarified remarks on the oil market made by President Vladimir Putin earlier this week, saying he did not propose extending a global oil output cut deal but said he recognized it was a possibility.