Prices of the WTI have returned to sub-$70.00 area, or session lows. OPEC output clinched a YTD high in July. API, EIA weekly report next on tap. FOMC meeting also eyed. Prices of the WTI are on the defensive on Tuesday and have broken below the psychological $70.00 mark per barrel. WTI weaker on oversupply concerns Prices of the barrel of the American reference for the sweet light crude oil dropped below the ley $70 mark on Tuesday after a survey from news agency Reuters showed the OPEC output rose to the highest level so far this year during July. In fact, Reuters said the cartel increased its production by 70 kbpd in July to 32.64 mbpd, the largest level so far this year. Further out, WTI remains apathetic following recent news citing President Trump saying he could meet with Iranian President Rouhani. Later in the day, the API will publish its weekly report on US crude oil inventories ahead of Wednesday’s EIA report and Friday’s report on US drilling activity by Baker Hughes. WTI significant levels At the moment the barrel of WTI is losing 2.20% at $69.48 facing the next down barrier at $68.78 (low Jul.24) followed by $68.04 (100-hour sma) and then $67.08 (low Jul.18). On the other hand, a breakout of $70.97 (10-day sma) could aim for $71.39 (high Jul.30) and finally $71.69 (high Jul.13). 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 USD/CHF rebounds from 3-week lows, trades near 0.99 FX Street 5 years Prices of the WTI have returned to sub-$70.00 area, or session lows. OPEC output clinched a YTD high in July. API, EIA weekly report next on tap. FOMC meeting also eyed. Prices of the WTI are on the defensive on Tuesday and have broken below the psychological $70.00 mark per barrel. WTI weaker on oversupply concerns Prices of the barrel of the American reference for the sweet light crude oil dropped below the ley $70 mark on Tuesday after a survey from news agency Reuters showed the OPEC output rose to the highest level so far this year during July.… 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.