Crude futures dropped on Monday after the dollar firmed, while an Iraqi move to cut export prices also pressured the commodity lower. A stronger greenback makes oil a less attractive commodity on dollar-denominated exchanges, especially in the eyes of investors holding other currencies. In the New York Mercantile Exchange, West Texas Intermediate crude oil futures for delivery in December traded down 1.16% at $77.74 a barrel during U.S. trading, up from a session low of $77.32 a barrel and off a high of $79.85 a barrel. The December contract settled up 0.95% at $78.65 a barrel on Friday. Support for the commodity was seen at $75.84 a barrel, last Tuesday’s low, and resistance at $79.85 a barrel, the session high. Iraq on Monday cut its selling price for oil bound for U.S. buyers, suggesting that the country is trying to compete with U.S. shale oil for market share. U.S. hydraulic fracking operations cost more to extract oil than producers in the Middle East, leaving Iraq and others including Saudi Arabia hoping lower oil prices will prompt U.S. producers to halt operations and let the market absorb excess supply, which would eventually drive prices higher. Elsewhere, a rebounding dollar pressured oil prices lower as well. The dollar softened on Friday after the Department of Labor reported that the U.S. economy added 214,000 jobs in October, missing expectations for an increase of 231,000. The U.S. unemployment rate ticked down to a six-year low of 5.8% from 5.9% in September. While not overwhelmingly disappointing, the less-than-stellar report gave investors room to sell the greenback for profits and take time to rethink when the Federal Reserve will hike interest rates next year. By Monday, investors snapped up fresh greenback positions on sentiments that the jobs report was strong enough to keep the Fed on track to hike interest rates some time in 2015 considering that the economy continues to add over 200,000 jobs a month save an anomaly here or there. Separately, on the ICE Futures Exchange in London, Brent oil futures for December delivery were down 0.85% at US$83.26 a barrel, while the spread between Brent and U.S. crude contracts stood at $5.52.