The Siem Garnet tugboat delivers a Japanese-made HAKURYU-5 semi-submersible drilling rig to develop the Ayashsky offshore oil field.

Yuri Smityuk | TASS | Getty Images

Oil prices fell on Monday, extending losses from Friday 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 remained offline in the wake of two hurricanes.

U.S. West Texas Intermediate (WTI) crude futures fell 30 cents, or 0.4%, to $71.67 a barrel at 0059 GMT, after declining by 64 cents on Friday.

Brent crude futures fell 27 cents, or 0.4%, to $75.07 a barrel after losing 33 cents on Friday.

Oil fell with the greenback near a three-week high following a rally on Friday on better-than-expected U.S. retail sales data. That bolstered expectations the U.S. Federal Reserve will begin reducing asset purchases later this year.

“WTI crude may consolidate over the next few trading sessions until…

Read more…

Share.

Comments are closed.