Brent crude futures, LCOc1 the international benchmark for oil prices, were at $50.99 per barrel at 05:20 GMT, down 4 cents from their last close. Brent is set for an over 2 percent drop this week, as reported by Reuters.

Read alsoOil edges up on decline in U.S. crude stocks, but high output caps gains – ReutersU.S. West Texas Intermediate (WTI) crude futures CLc1 were at $47.06 a barrel, down 3 cents. WTI is also set to drop for the week, down some 3.5 percent.

The dip in oil prices occurred amid a selloff across markets, including U.S. and Asian stocks, where investors voted with their feet amid growing scepticism that U.S. President Donald Trump, embroiled in controversy, would achieve his economic agenda.