On Thursday, oil futures sank more than 3% as market worries about the effects of a larger-than-expected rate hike by the Bank of England overcame a surprising reduction in U.S. oil supplies.

Brent crude edged down by 3.4%, to $74.47 per barrel meanwhile WTI slipped by 3.7% at $69.84 per barrel.

The benchmarks reversed gains from the prior session, when U.S. corn and soybean prices soared to various month highs, fueling speculation that crop shortages may reduce the blending of biofuels and boost oil demand.

In order to combat persistently high inflation, the BOE increased interest rates by a larger-than-expected half percentage point. The increase marked the 13th in a row for the central bank.

Higher interest rates can impede economic expansion and lower demand for oil.

Investors are currently anticipating statistics on manufacturing activity in China, which is due next week and could reveal the health of China's economy.