Oil prices fell today, extending the losses incurred yesterday, after the US dollar jumped to its highest level in three weeks, and the number of rigs in the United States increased.
Reuters reported that US West Texas Intermediate crude futures fell 30 cents, or 0.4 percent, to $71.67 a barrel, after falling 64 cents yesterday.
Brent crude futures fell 27 cents, or 0.4 percent, to $75.07 a barrel, after falling 33 cents.
The price of oil fell as the dollar approached its highest level in three weeks 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 has also curbed the rise in oil prices.