Futures Movers: Oil pulls back after Brent touches $70-a-barrel threshold

Oil futures pulled back Friday, with Brent crude retreating a day after touching, but failing to convincingly move through, the psychologically important $70-a-barrel level. Crude remains on track, however, for strong weekly gains.

West Texas Intermediate crude for May delivery CLK9, +0.47% on the New York Mercantile Exchange fell 22 cents, or 0.4%, to $61.88 a barrel. The U.S. benchmark remains on track for a 2.9% weekly rise.

June Brent LCOM9, +0.09% the global benchmark, was off 26 cents or 0.4%, at $69.14 a barrel on ICE Europe. Brent is up 1.1% for the week.

Oil has rallied since the end of last year, boosted by production cuts by the Organization of the Petroleum Exporting Countries, led by Saudi Arabia, and its allies.

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