Oil down on stronger greenback, rising US rig count

Oil prices fell on Monday, extending losses from Friday after the US dollar jumped to a three-week high and the U.S. rig count rose, although nearly a quarter of US Gulf of Mexico output remained offline in the wake of two hurricanes.

US 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.