US STOCKS-Wall Street sets to open open higher on lower oil

* Stock futures point to a higher Wall St opening

* Oil retreats from last week's record high

* Stronger dollar helps push crude prices lower

* Traders keep eye on developments at G8 meeting in Japan (Updates market action, quote)

By Richard Leong

NEW YORK, July 7 (Reuters) - U.S. stock futures pointed to a firmer opening on Monday, bolstered by stronger overseas equity markets and lower inflation worries as oil prices retreating from last week's record highs.

Traders returning from the three-day July 4 holiday weekend will monitor a three-day meeting in Japan of central bankers and finance ministers from the Group of Eight industrialized nations in the hopes they will address the effect of soaring energy costs and the slumping dollar on the global economy.

U.S. crude CLc1 was last down $2.16 at $143.13 a barrel as the dollar hit a 1-1/2 high against major currencies amid speculations of positive outcome for the greenback from the G8 meeting. Oil posted a record peak of $145.85 last week.

"Oil is giving a break here. The dollar is showing strength here," said Frank Lesh, an analyst at FuturePath Trading LLC in Chicago.