Oil retreated under $140 a barrel as the dollar gained ground yesterday to put the brakes on a record-breaking surge in prices which peaked at $145.85 a barrel last Thursday. The decline came as the dollar gained around 0.5pc against a basket of leading currencies and was helped by signals from Iran, the world's fourth-largest oil exporter, which some analysts took as evidence that Iran may be more flexible in negotiations over its nuclear ambitions. "It's mainly the stronger dollar. We might see further correction all the way down to the $140 area," said Nauman Barakat, senior vice president at Macquarie Futures. "Whenever the dollar strengthens, that makes commodities more expensive for everyone else in the world. It makes them less willing to buy oil," said Peter Beutel, president of energy consultant Cameron Hanover Inc....
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