21.07.201708:10:00UTC+00Crude Oil Slides Ahead Of Rig Count, OPEC Confab

Crude oil futures fell Friday morning ahead of a closely-watched OPEC meeting and the U.S. rig count.

OPEC and certain non-OPEC nations like Russia will meet in Moscow Monday to discuss their supply quota plan. Reports suggest Saudi Arabia will insist on compliance from Libya and Nigeria who have been pumping oil at a fast pace while others have cut production.

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.

Crude oil for September was down 38 cents at $48.68 a barrel, easing from a 6-week high set Wednesday.