Oil prices retreated to another 12-year low Friday as a stronger dollar and oversupply continue to weigh on the market. Oil has been locked into a prolonged collapse, with traders repeatedly willing to send it further downward despite its passing through several historical lows. That trend held Friday with the market fighting off several rallies and sending oil to its lowest settlement since Feb. 9, 2004. The biggest retreat started after data showing unexpectedly large employment gains in the U.S. sent the dollar higher. Oil and other dollar-denominated commodities become more expensive for holders of other currencies, and often fall as the dollar rises. Oil sold off again in the afternoon when data showed a decline in working U.S. drilling rigs. The reaction shows traders are dismissing signs of slowing work because the reduction hasn’t translated to lower production, brokers said. Most are more worried about stockpiles nearing record […]