Oil prices fell on Monday, extending losses incurred on Friday after the US dollar jumped to a three-week high and the number of US rigs rose, although nearly a quarter of US production in the Gulf of Mexico was still shut down in the wake of two hurricanes.
US West Texas Intermediate crude futures were down 65 cents, or 0.90%, at $71.32 a barrel at 05:07 GMT, after falling 64 cents on Friday.
Brent crude futures were down 60 cents, or 0.80%, at $74.74 a barrel, after falling 33 cents on Friday.
The price of oil fell as the dollar approached its highest level in three weeks, after rising on Friday, as a result of better-than-expected US retail sales data. This reinforced expectations that the US Federal Reserve will begin to reduce asset purchases later this year.
The rise in the number of drilling rigs in the United States also limited the rise in oil prices, after the number of oil and gas rigs rose from 9 to 512 in the week ending September 17, which is the highest level since April 2020 and is double the number recorded in This time last year.
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