February 2, 2015 / 12:31 AM / 3 years ago

Oil prices fall more than a dollar after rally

SINGAPORE, Feb 2 (Reuters) - Oil prices fell in early trading on Monday as unions called a strike at U.S. oil and chemical plants on the weekend, cutting some of the gains made late last week when prices roared more than 8 percent on a sharp drop in U.S. drilling.

Brent crude oil futures were trading at $51.98 a barrel at 0020 GMT , down $1.01, and U.S. WTI futures were trading at $47.22 a barrel, down $1.02 per barrel.

The drops followed a jump back from six-year lows on Friday, as a record weekly decline in U.S. oil drilling fuelled a frenzy of short-covering.

Reporting by Henning Gloystein; Editing by Richard Pullin

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