[BillPaay]

A weaker dollar and declining US jobless claims sent crude barreling higher yesterday. After touching an intraday high of $72.55, crude eased slightly to close at $71.69 (+$2.12). WTI managed to break through trend line at $72, but was not able to close above. If it manages to close above today, a move higher to the $74.50 is still in the cards. If not, we can expect crude to drift lower back towards the $70 level. Friday tends to see people reduce risk ahead of the weekend and have consistently seen crude pull-back on Fridays for the past month. Today resistance comes in at trend line of $72 followed by yesterday's high of $72.55. Support comes in at $70.70 (5-d and 8-d m.a.) followed by the 13-d m.a. at $69.20.