Global oil prices have dropped due to the strong U.S. dollar and concerns that excess oil supply will continue. 

The Korea National Oil Corporation said Saturday that West Texas Intermediate (WTI) crude oil futures traded at the New York Mercantile Exchange closed Friday nine cents lower at 47-point-99 dollars a barrel.

At the London ICE futures exchange, Brent oil also fell 78 cents to 44-point-60 dollars a barrel.

Dubai crude oil spot prices meanwhile rose 19 cents on Friday to 43-point-90 dollars a barrel.

The Korea National Oil Corporation said that global oil prices on Friday were pressed lower amid concerns of continued excess supply and China's key rate cut appreciating the U.S. dollar. But it said the drop in prices was restrained due to a fall in the number of U.S. oil drilling machines.