US crude tumbled 4 percent to settle at USD 67.88 a barrel after Saudi Arabia and Russia said they were ready to ease supply curbs that have pushed prices to their highest since 2014.
The S&P energy index slid 2.6 percent and registered its biggest daily percentage drop since early February, while Chevron dropped 3.5 percent and Exxon Mobil fell 1.9 percent and were among the biggest drags on the Dow and S&P 500.
The S&P 500 banks index fell 0.4 percent after US Treasury yields hit their lowest in three weeks.
Stock markets this week also have been roiled by trade tensions with China, a US threat of imposing tariffs on imported cars and uncertainty over a US-North Korea summit.
President Donald Trump said on Friday the summit with North Korean leader Kim Jong Un could still take place on June 12 as originally planned, a day after canceling it.
For the week, the Dow was up 0.2 percent, the S&P 500 was up 0.3 percent and the Nasdaq gained 1.1 percent.
The Nasdaq was boosted by chipmakers, including Broadcom, which rose 2.7 percent. Intel climbed 1.3 percent.
A 20.2 percent surge in shares of Foot Locker boosted the S&P consumer discretionary index, which rose 0.2 percent, after the company reported a better-than-expected quarterly profit and helped shares edge higher in Nike, which has a partnership with the footwear retailer.
The S&P retail index rose 0.2 percent.
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