Oil prices fall as Iran nuke deal retains support

NEW YORK, May 12 (Reuters): Crude prices fell in a see-saw session on Friday, retreating after early gains as it looked likely that US allies would push to maintain a deal with Iran, which could keep that country's crude exports on global markets.

In another sign global supplies could rise further, data in the afternoon showed US crude producers added 10 rigs in the latest week.

Crude prices remained just below multi-year highs, with Brent on track for a weekly 2.8 per cent gain and US crude a 1.2 per cent weekly rise.

"It's the same witches brew of bullish stuff: Iran, Venezuela, the lack of alacrity by Saudi Arabia to bring more oil onto the market," said John Kilduff, partner at Again Capital in New York.

Brent crude LCOc1 settled down 35 cents at $77.12 a barrel, just below the $78-level hit on Thursday, its highest since November 2014. The benchmark contract remained lower in post-settlement trade.

US light crude CLc1 was down 66 cents at $70.70, off a 3-1/2 year high of $71.89 it hit on Thursday.