Crude oil: WTI retreats below $71, still up for the week

• WTI drops further on Friday after Baker Hughes rig count data.
• Crude oil still up from last week, heads for highest weekly close since 2014.

The WTI barrel lost around 1.1% on Friday but managed to score a weekly gain of 1.20%. Price dropped further late during the US session after the Baker Hughes Oil Rig count showed an increase of 10 to 844, highest since March 2015.

Earlier during the week, uncertainty over the US withdrawn from the Iran nuclear deal support the bullish tone. WTI reached on Thursday at $71.85 the highest level in four year. Then lost momentum and dropped 1.80% from the top to the current price of $70.50. The trend continues to point higher and the barrel is about to post the first weekly close above the $70.00 mark since 2014.

In Wall Street, equity prices were mixed. The DOW JONES was up 0.25% headed for a weekly gain of 2.20%. Gold reached earlier today a 2-week high at $1,325/oz but failed to hold and pulled back under $1,320 on US hours.

WTI Technical levels

To the downside, support levels might be seen at $70.15, followed by $69.45 and $68.80. On the upside, resistances could be located at $71.15, $71.60 (May 11 high) and $71.85/90 (May 10 high).