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London: Oil fell from a record high of $75.78 a barrel on Friday on signs of a decrease in tension between the West and Iran, the world's fourth largest oil exporter.
Iran's chief nuclear negotiator said he had a "positive impression" of a Western proposal for Iran to stop enriching uranium in return for a package of incentives. Oil had earlier risen due to strong demand in the United States.
"While the global economy is staying strong, demand is going to be very supportive," said Tony Dolphin of Henderson Global Investors.
"I don't see oil falling back a lot. I think it is likely to remain in a range and perhaps gradually drift higher."
US crude was down 49 cents at $74.60 at 1635 GMT, having earlier on Friday hit an all-time high of $75.78. London Brent crude rose nine cents at $74.17, having earlier hit a record $75.09.
Prices drew support from a US government report on Thursday showing gasoline demand grew by 1.4 per cent in the last four weeks from a year ago.
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