Oil down on stronger greenback, rising U.S. rig count

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.