West Texas Intermediate crude retreated from a two-month high on speculation that prices climbed more than justified last week.

Futures dropped as much as 0.5 percent in New York after gaining 2.8 percent last week. Global equities climbed today after International Monetary Fund Managing Director Christine Lagarde said yesterday the fund is raising its outlook for the U.S. economy. An Energy Information Administration report on Dec. 15 showed that fuel demand surged in the week ended Dec. 13 while crude output was near a 25-year high.

WTI for February delivery fell 36 cents, or 0.4 percent, to $98.96 a barrel at 9:17 a.m. on the New York Mercantile Exchange. The contract rose 28 cents to $99.32 on Dec. 20, the highest close since Oct. 18. The volume of all futures traded was 70 percent below the 100-day average. Prices have advanced 7.8 percent this year.

Brent crude for February settlement slipped 3 cents to $111.74 a barrel on the London-based ICE Futures Europe exchange. The volume of all futures traded was 65 percent lower than the 100-day average. The European benchmark traded at a $12.78 premium to WTI, compared with $12.64 on Dec. 20.