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Brent oil futures retreated from the highest close in more than a month on speculation that this week's gains have been excessive amid concern that a global economic slowdown may curb demand, Bloomberg reported.

Futures fell as much as 1.4% after rising about 9% since June 28. Societe Generale SA cut its crude-price forecasts, citing ample supply amid Europe's debt crisis and a slowing Chinese economy. Iranian and European officials met in Istanbul today to discuss differences over the country's nuclear program. A mediator called oil workers to talks aimed at resolving Norway's first industrywide strike since 2004. U.S. floor trading will be shut for the Independence Day holiday.

Brent crude for August settlement declined as much as US$1.42 to US$99.26 a barrel on the ICE Futures Europe exchange in London. It trimmed losses to trade at US$99.92 as of 1.46 p.m. local time. The European benchmark was at a premium of US$12.91 to West Texas Intermediate crude in New York versus US$13.02 yesterday.

WTI for August delivery fell as much as US$1.16 to US$86.50 a barrel in electronic trading on the New York Mercantile Exchange that ends at 1.15 p.m. local time. Futures rose yesterday by US$3.91 to US$87.66 a barrel, the highest close since May 30. Prices are down 12% this year.

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