Oil slid from the highest level in a month in New York as the dollar rose amid speculation that this week's gains have been excessive because a global economic slowdown may curb demand, Bloomberg reports. Futures fell as much as 1.3%, the report said, after Societe Generale SA cut its crude-price forecasts, citing ample supply and speculation that Europe's debt crisis and an economic slowdown in China will curb investor demand for commodities. The dollar rose against the euro, making commodities less attractive as an alternative investment. Crude for August delivery dropped 71 cents, or 0.8%, to $86.95 a barrel in electronic trading on the New York Mercantile Exchange at 11:46 a.m. local time. The contract yesterday surged $3.91 to $87.66, the highest close since May 30. Prices are 12% lower this year. Floor trading is closed today for U.S. Independence Day Brent oil for August settlement on the London-based ICE Futures Europe exchange fell $1.10, or 1.1%, to $99.58 a barrel. The European benchmark crude was at a premium of $12.63 to New York-traded West Texas Intermediate, from $13.02 yesterday. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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