Oil markets are feeling the pressure as Libyan output concerns are jamming up against OPEC production hikes. OPEC planned production increases may be less than initially expected, but prices are still being pressured to the downside. Oil market tensed up on Tuesday as Libyan forces exchanged oil ports with the National Oil Corporation, a company who counter-intuitively is not tied to Libya’s state-run oil companies, and Libya has lost access to those oil ports. Market prices popped on the news, but OPEC’s plans to increase production limits are keeping prices weighed down for now. OPEC will be set to lift daily oil production caps soon, though the limit lift will be for less than markets had initially feared, with Saudi Arabia pushing for a one million bpd production limit hike, though key OPEC countries like Iran are arguing for a comparably smaller increase of 600-800 thousand barrels. The move still represents a loosening of OPEC’s tight controls on oil production, and prices have been hobbled by the news, which first came out of a Saudi Arabia-Russia joint statement some weeks ago. WTI levels to watch With crude slumping into yesterday’s lows at 67.50, a further decline will see a long drop into last Friday’s lows near 65.50, while a bullish recovery will have to break back over the 68 key handle before moving on to challenge the current week’s high near 68.90. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next NZD/USD Technical Analysis: Basing patten along 100-hour MA could yield minor rally FX Street 5 years Oil markets are feeling the pressure as Libyan output concerns are jamming up against OPEC production hikes. OPEC planned production increases may be less than initially expected, but prices are still being pressured to the downside. Oil market tensed up on Tuesday as Libyan forces exchanged oil ports with the National Oil Corporation, a company who counter-intuitively is not tied to Libya's state-run oil companies, and Libya has lost access to those oil ports. Market prices popped on the news, but OPEC's plans to increase production limits are keeping prices weighed down for now. OPEC will be set to lift… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.