The price of black gold tumbled by more than $4 yesterday as traders took the view that Hurricane Bertha looked unlikely to hit the Gulf of Mexico, the centre of the all-important US oil refining industry.

The price of black gold tumbled by more than $4 yesterday, as the greenback gained a modicum of momentum and traders took the view that Hurricane Bertha was unlikely to lash the Gulf of Mexico, the centre of the all-important US oil refining industry.

With supply concerns at the heart the recent dizzying price surge, Bertha continued to strengthen as it moved over the central Atlantic Ocean and appeared to be moving in the direction of Bermuda - although a shift in climatic conditions could yet wreak havoc in the gulf and send the price of oil into the stratosphere.

The hurricane season in the Gulf of Mexico can often be a catalyst for oil price spikes. However, Middle East tensions also appeared to ease yesterday, following fears that a fresh conflict over Iran's nuclear ambitions could cut into oil supplies, and helped to drive down the oil price.

Light, sweet crude for August delivery fell $3.92, or about 3.1%, to $141.37 on the New York Mercantile Exchange. Earlier, the contract sank as low as $139.50. The contract hit a trading record of $145.85 on Thursday.

In London, August Brent crude fell $2.55 to $141.87 a barrel on the ICE Futures exchange.

However, after the last few weeks' run-up, analysts were sceptical that the drop signalled the start of a long-term decline.

Prices set records in each of the last six sessions and traders yesterday were poised to resume their upward journey as they watched for further weakening of the dollar, renewed tensions in the Middle East and storm warnings in the Atlantic.

Analyst and trader Stephen Schork said: "As we look ahead, the bulls have their crosshairs set on $150.

"At this point, that critical point looks like a done deal - but time will tell."