On Friday, oil prices plunged along with falling European banking stocks and after U.S. Energy Secretary Jennifer Granholm indicated that it might take several years to restock the nation's Strategic Petroleum Reserve, which dimmed demand expectations.

Brent Crude edged down by 3.3% at $73.41 per barrel, meanwhile West Texas Intermediate declined by 3.5% at $67.49 per barrel

After registering their largest weekly declines in months last week as a result of the turbulence in the banking sector and concerns about a potential recession, the two main gauges declined around 1% on Thursday, were on course to end the week slightly higher.

The sell-off was fuelled in part by a stronger dollar, which gained 0.6% against a basket of other currencies on Friday. Crude becomes more expensive for owners of foreign currencies due to a rising dollar.

In the meantime, according to RIA Novosti, Russian Deputy Prime Minister Alexander Novak stated a previously announced reduction in Russia's oil production of 500,000 barrels per day  would be from an output level of 10.2 million bpd in February.