2016.11.0414:53:00UTC+00Crude Oil Plunges 9.5% For The Week

Crude oil futures continue to plunge Friday, adding to the worst weekly drubbing since January.

OPEC says it may not finalize an agreement to curb supplies until the end of the month, and reports indicate Iran is unwilling to commit to any quotas.

Meanwhile, U.S. stockpile rose a whopping 14.1 million barrels last week, EIA data showed.

December WTI crude fell 59 cents, or 1.3%, to settle at $44.07 a barrel on the New York Mercantile Exchange, for the That marked the lowest settlement since September 20. Prices were down 9.5% this week.

The number of U.S. rigs drilling for oil is unlikely to increase significantly until a sustained rally in oil prices Dallas Fed President Rob Kaplan said Friday.

"Based on our energy surveys and discussions with market participants, rig count is unlikely to increase significantly in the U.S. until prices rise to between $55 and $65 per barrel," Kaplan said in a speech in Mexico City.