Expectations of tighter markets negate OPEC’s output hike decision. A test of Friday’s high at $ 69.338 likely on supply disruption concerns. WTI (oil futures on NYMEX) stalled its consolidative mode around mid-68s and regained momentum in a bid to test the $ 69 mark, as expectations of oil markets remaining tighter this year supported the sentiment around the prices. A slight drop in the US drilling activity combined with a Canadian supply outage. The US rigs count declined by cut one oil rig, the first reduction in 12 weeks, lowering the total rig count to 862, the oilfields services company Baker Hughes said on Friday. Meanwhile, Goldman Sachs also warned that an “outage at Syncrude Canada’s oil sands facility could leave North America short of 360,000 bpd of supply for all of July”. The barrel of WTI jumped to the highest levels in four-weeks at $ 69.38 after the OPEC announced the output by 1 million barrels per day (bpd), which was already priced-in by the markets. The focus now shifts towards the US weekly crude supplies report for fresh direction on the prices, as the dust settles after the OPEC aftermath. WTI Technical Levels: Resistances: $ 69.38 (4-week highs), $ 70 (round number), $ 70.80 (May 25 high). Supports: $ 68.25/16 (50-DMA/ daily low), $ 67.60 (5-DMA), $ 66.75 (10-DMA). 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 German Govt Spox: Merkel continues to seek European solution on immigration in talks with other EU leaders FX Street 5 years Expectations of tighter markets negate OPEC's output hike decision. A test of Friday's high at $ 69.338 likely on supply disruption concerns. WTI (oil futures on NYMEX) stalled its consolidative mode around mid-68s and regained momentum in a bid to test the $ 69 mark, as expectations of oil markets remaining tighter this year supported the sentiment around the prices. A slight drop in the US drilling activity combined with a Canadian supply outage. The US rigs count declined by cut one oil rig, the first reduction in 12 weeks, lowering the total rig count to 862, the oilfields services… 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.