Oil prices dropped on Friday amidst oversupply concerns and are expected to end the week more than 5% lower.

Brent crude futures were trading 25 cents lower at $49.27, while US crude futures were trading flat at $44.66 a barrel, Reuters reported.

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Prices were under pressure as a very large crude carrier (VLCC), Sea King transporting two million barrels of North Sea oil was turned back from South Korea.

"We’re back down to the levels where we had a strong negative impact on drilling activity in the US."

Petromatrix oil analyst Olivier Jakob told Reuters: "The Sea King is part of the reason Brent is sinking.

"This is not a usual move and does not bode well for North Sea crude oil that has been relying on shipments to Asia to clear the overhang that was visible during June."

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The oil trading company Vitol is now reoffering the Sea King crude, which has set off from the UK two weeks ago.

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Investors are keenly awaiting US jobs data to be released later on Friday. The data is expected to give a strong pointer in the near term on when the Federal Reserve will increase interest rates for the first time in nearly ten years.

Jakob told the news agency: "We’re back down to the levels where we had a strong negative impact on drilling activity in the US."