Oil prices dropped on Friday amid worries that U.S. President Donald Trump's decision to abandon a global climate pact could spark more crude drilling in the United States, stoking a persistent glut in global supply. Global benchmark Brent crude futures were down 23 cents, or 0.45 percent, at $50.4 a barrel by 0316 GMT. U.S. West Texas Intermediate crude futures dropped 26 cents, or 0.54 percent, to $48.1 per barrel.

Commodity markets were absorbing news the United States would withdraw from the landmark 2015 global agreement to fight climate change, a move that fulfilled a major campaign pledge but drew condemnation from U.S. allies. This could lead to a drilling free for all in the U.S. and also see other signatories waver in their commitments.

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