21.07.201714:51:00UTC+00Crude Oil Rally Ends With A Thud

Crude oil futures tumbled Friday, giving back strong gains from earlier in the week amid concerns that next week's OPEC meeting will fail to address the global supply glut.

Sept. WTI oil settles at $45.77/bbl, down $1.15, or 2.5%, on Nymex. Prices were down 2.1% for the week, tumbling from a 6-week high set Wednesday.

Reports suggest Saudi Arabia will insist on compliance from Libya and Nigeria, the two OPEC nations that have been thus far exempt from supply cuts.

Meanwhile, the U.S. rig count from Baker Hughes is due this afternoon, and may confirm U.S. production is finally slowing down due to stubbornly low oil prices.