World oil prices retreated on Friday after hitting record 75.78 dollars as traders took profit.

New York's main contract, light sweet crude for delivery in August, fall 1.05 dollar at 74.09 dollars per barrel, after it surged to record 75.78 dollars in earlier trading.

In London, Brent North Sea crude for August delivery fell 57 cents at 73.51 dollars per barrel in electronic trading, after striking record 75.09 dollars.

Traders still remained concerned of the demand challenges over Iran. France confirmed on Friday that a foreign ministers meeting of the U.N. Security Council's five permanent members and Germany would be held on July 12 in Paris over Iran's nuclear issue.

Solana, who met Iran's National Security Council Secretary Ali larijani in Brussels on Thursday, said their meeting had been a " good start" and had been held in a "positive and constructive atmosphere," according to the French spokesman, although Tehran had failed to give a firm reply to the international offer.

The U.S. Department of Energy reported Thursday that gasoline reserves went up 700,000 barrels to 213.1 million last week. Analysts had predicted a drop of 2.0 million barrels.

U.S. commercial crude oil inventories fell 2.4 million barrels to 341.3 million over the week ended June 30. Analysts had forecast a decline of just 650,000 barrels. Meanwhile, demand for gasoline rose 1.1 percent from the prior week, to 9.645 million barrels per day, an all-time high.

Source: Xinhua