Crude oil prices fell early on Monday after U.S. unions called a refinery strike and traders cashed in on strong price gains last week when the market soared more than 8 percent on a sharp drop in U.S. drilling.

Brent crude oil futures were trading at $51.45 a barrel at 0240 GMT, while U.S. WTI futures were at $46.73 – both down over $1.50 per barrel.

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

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