Brent fell over 2 percent to $51.10 a barrel by 10:00 a.m. to a price not seen since the end of January. Reuters reported that the benchmark is now on its longest weekly losing streak since late 2014.

U.S. crude, meanwhile, fell 68 cents to $46.43 a barrel after hitting its lowest in four months at $46.35 a barrel. However, it was still off its March low which saw the commodity dip below $43 a barrel.