SINGAPORE: Oil prices dropped on Monday, extending last week's losses after the U.S. dollar jumped to a three-week high and the U.S. rig count rose, although nearly a quarter of U.S. Gulf of Mexico output stayed offline in the wake of two hurricanes.
Brent crude futures fell 61 cents, or 0.8%, to $74.73 a barrel at 0650 GMT after losing 33 cents on Friday.
U.S. West Texas Intermediate (WTI) crude futures fell 66 cents, or 0.9%, to $71.31 a barrel, after declining 64 cents on Friday.
"Strength in the USD over the last couple of days has provided some headwinds to the market," researchers at ING Bank said in a note on Monday.
Oil fell with the greenback near a three-week high following a rally on Friday on better-than-expected U.S. retail saleRead More »