Oil prices slip on strong dollar and worries on hurricane damage

NEW YORK (CNNMoney.com) - Oil prices extended their decline Wednesday as the dollar strengthened against major currencies and traders waited for Gustav damage reports.

Crude futures for October delivery were down $1.76 to $107.95 a barrel.

On Tuesday, oil prices fell $5.75 a barrel to settle at $109.71, which was the lowest closing price for oil in nearly five months, according to the U.S. Energy Information Administration.