Oil retreats after rising past $70

OPEC production cuts , U.S. inventory declines lend support

Oil prices fell on Friday after hitting a three-year high of more than $70 a barrel the previous day, but they were still on track to post a fourth straight week of gains.

Brent crude futures traded 55 cents lower at $68.71 a barrel at 1253 GMT. The contract broke above $70 on Thursday for the first time since December 2014.

A day earlier, WTI had risen to its strongest since late 2014 at $64.77.

“It is remarkable to see that most market analysts believe that prices have rallied too far since consensus forecasts are significantly lower than the current spot prices,” Hans van Cleef, senior energy economist at ABN Amro, said in a note.