Oil extended losses to trade below $74 a barrel aided by a strong dollar and Tropical Storm Hermine bypassing offshore operations in the Gulf of Mexico.

For October delivery, US crude dropped 91¢ to stand at $73.69 a barrel at 06.15 GMT, while London Brent crude fell 31¢ to $76.56 a barrel, reports Reuters.

Oil majors said Hermine did not affect their offshore operations in the Gulf of Mexico, which is home to 30% of US oil production, 11% of the country’s natural gas output and more than 43% of its refinery capacity.